S.Arabia Brings Forward Spending Deadline
World Economy

S.Arabia Brings Forward Spending Deadline

Saudi Arabia's finance ministry is closing the national accounts one month earlier than usual this year, suggesting it is tightening its control over spending as low oil prices create a record state budget deficit, Reuters reported.
The world's top oil exporter is grappling with a budget deficit which economists estimate could total $120 billion or more this year, and the finance ministry has taken other unusual steps recently to clamp down on excess spending.
In its latest step, a document sent by the ministry to government bodies this week and seen by Reuters instructs them to "bring forward the final date to make payments from budget allocations and other accounts for the current fiscal year."
The document does not elaborate on the reasons for the change, or say how government bodies are expected to cope with the earlier deadline. Calls to the finance ministry seeking comment were not returned.
Earlier this month, the ministry told government bodies that if budget allocations were not fully spent on the projects for which they were originally earmarked, the remaining money must be sent back to the treasury. Previously, government bodies were free to transfer money from one project to another as they wished.
Since August last year, the government has sold more than $80 billion of foreign assets via the central bank.
Last month Finance Minister Ibrahim Alassaf said his ministry was "working on cutting unnecessary expenses."
Many economists expect next year's national budget to include spending reductions in some areas.


Short URL : https://goo.gl/ZmLE5d
  1. https://goo.gl/1QJO2o
  • https://goo.gl/sRyK9O
  • https://goo.gl/p14Qlu
  • https://goo.gl/ZBzSdi
  • https://goo.gl/MfyZfu

You can also read ...

According to the new regulations, Cubans will be able to hold only one business license.
The Cuban government has said it wants more foreign investment...
The lira has lost around 45% of its value against the US currency this year, largely over worries about Erdogan’s influence over the economy
Turkey’s central bank on Monday announced it was ready to take...
World Stocks, Currencies Plummet
World markets shuddered on Monday, as Turkey’s worsening...
Trump’s No-Win Trade War
President Donald Trump’s trade war may be fated to fail, for...
Amado Boudou (R) attends his trial on corruption charges  in Buenos Aires on August 7.
Records kept in notebooks of the kinds used by schoolchildren...
China Printing Foreign Money
China is printing more foreign money as it seeks to expand its...
(P)GCC Banks  Face Business Risks
A number of (Persian) Gulf Cooperation Council banks that have...
Singapore Warns Trade Tensions May Lower H2 Growth
Singapore authorities warned of slower economic growth in the...