Kingdom to cut spending, issue more bonds to shore up budget

JEDDAH: Saudi Arabia will cut spending and issue more bonds as it faces a record budget shortfall due to falling oil prices, the finance minister said on Sunday. Following oil prices’ drop to below $50 a barrel, the Kingdom has so far relied on its huge fiscal reserves to bridge the gap but Finance Minister Ibrahim Al-Assaf said more measures would be necessary, AFP reported. “We are working... to cut unnecessary expenditure,” Al-Assaf told Dubai-based CNBC Arabia in an interview in Washington. “There are some projects like the ones that have been approved a few years ago and haven’t been carried out until now which means such projects are not currently necessary and can be delayed,” he added.   Arab News