Jadaan: Saudi Arabia to Take Strict Measures to Deal with Virus Impact

Business

May 3rd, 5:01am

Riyadh - Asharq Al-Awsat

FILE PHOTO: Mohammed Al-Jadaan, Saudi Minister of Finance, gestures during a news conference announcing the first Quarter of Saudi budget, in Riyadh, Saudi Arabia, May 11, 2017. REUTERS/Faisal Al Nasser

Saudi Finance Minister Mohammed al-Jadaan said on Saturday that Riyadh will take strict measures to deal with the economic impact of the coronavirus pandemic, adding that "all options for dealing with the crisis are open". "We must reduce budget expenditures sharply", Jadaan said in an interview with Al Arabiya TV, adding that the impact of the new coronavirus on Saudi Arabia's state finances will appear from the second quarter of the year. "Saudi finances need more discipline and the road ahead is long," he said. Jadaan said Saudi Arabia had used some revenue from investments to plug the deficit. He noted the country had introduced stimulus measures aimed at preserving jobs in the private sector and safeguarding the provision of basic services.

from Asharq AL-awsat https://aawsat.com/english/home/article/2264971/jadaan-saudi-arabia-take-strict-measures-deal-virus-impact