Budget funds will be reallocated to coronavirus-hit sectors

Budget funds will be reallocated to coronavirus-hit sectors
Budget funds will be reallocated to coronavirus-hit sectors

We show you our most important and recent visitors news details Budget funds will be reallocated to coronavirus-hit sectors in the following article

Hind Al Soulia - Riyadh - RIYADH — Saudi Arabia will reallocate some budgetary funds toward sectors most impacted by the coronavirus outbreak such as health, Finance Minister Mohammad Al-Jadaan, who also serves as acting minister of economy and planning, said on Friday.

Al-Jadaan made the remarks during a joint press conference with Minister of Health Tawfiq Al-Rabiah in Riyadh on the latest developments in the Kingdom with regard to the coronavirus and the efforts to tackle its spread.

Minister of finance said that the Kingdom has the flexibility to cut spending as and when the need arises.

“We do not expect the budget deficit by the end of 2020 to exceed 9 percent,” Al-Jadaan said.

Al-Jadaan did not expect the public borrowing to exceed SR100 billion, saying “we resorted to borrowing to avoid liquidating government investments”.

For his part, Minister of Health Al-Rabiah said a large number of the coronavirus infections do not show any symptoms.

He also said that the Kingdom has taken a slew of precautionary measures to prevent the spread of the pandemic.

Minister of Health called on citizens and residents to avoid gatherings and handshakes as it can help slow down the spread of deadly virus. — SG


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