US, WASHINGTON (ORDO NEWS) — The government of Saudi Arabia has made a decision against the backdrop of lower oil prices to partially reduce by about 5% the expenses laid down in the 2020 budget, said Finance Minister Mohammed al-Jadaan.
According to the Saudi state news agency SPA, al-Jadaan emphasized that the government approved a partial reduction in spending on individual, less significant items, by a total of 50 billion riyals (13.32 billion dollars), which is less than 5% of the costs approved in the state budget for 2020.
Oil prices fell amid news that OPEC+ countries were unable to agree on an additional reduction in oil production following the fall in demand due to coronavirus due to negotiations in Vienna on March 6.
Subsequently, the World Health Organization announced the outbreak of the new coronavirus pandemic, which put additional pressure on the markets
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