ISTANBUL
Saudi Arabia has decided to downsize its 2020 budget due to economic conditions caused by the novel coronavirus and falling oil prices.
This year’s budget will be cut by $13.3 billion, corresponding to less than 5% of overall expenditure, Finance Minister Mohammed al-Jadaan said in a statement.
Al-Jadaan said the decision was taken due to the economic crisis caused by the coronavirus outbreak and sharp fall in growth in the global economy and its impact on oil markets.
Riyadh had originally set spending at $272 billion for 2020, down 7.8% on 2019 estimates, with revenues estimated at $222 billion,
