Oil prices have dropped from $60 a barrel at the beginning of 2020 to $20 © Scott Peterson/Liaison
Oil prices have dropped from $60 a barrel at the beginning of 2020 to $20 © Scott Peterson/Liaison

Saudi to cut spending to tackle coronavirus

5 May 2020

Saudi Arabia’s finance minister Mohammed al-Jadaan has pledged to cut state spending to deal with the economic fallout from the coronavirus pandemic.

Al-Jadaan said “all options for dealing with the crisis are open” and effects on state finances would become apparent from the second quarter of the year onwards.

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