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Saudi Finance Ministry tightens the noose on expenditure in Q4

Saudi Arabia - October 12, 2015
Saudi ministry of finance

The Saudi Finance Ministry has reportedly clamped down on expenses for new projects, appointments, and promotions in the fourth quarter of this year.

According to two sources who reported to Arabian Business, the ministry told the government departments not to contract any new projects, freeze new appointments and promotions in the fourth quarter.

The report citing Bloomberg mentioned also that the ministry had banned buying of new vehicles, furniture, or renting properties. The ministry has asked the officials to speed up the collection revenues also.

This move comes as a result of the fluctuating oil prices which left the Saudi’s government expenditure constrained. According to a number of projections from the International Monetary Fund the Saudi government could be facing a budget deficit of 20% this year.

 

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