king salman acknowledges economic pain of saudis
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

King Salman acknowledges economic pain of Saudis

Arab Today, arab today

Arab Today, arab today King Salman acknowledges economic pain of Saudis

Saudi Arabia's King Salman bin Abdulaziz Al Saud, right, Crown Prince Mohammed bin Nayef, centre,
Riyadh - Arab Today

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud told Saudis on Wednesday he recognised that economic restructuring measures adopted in response to a sharp drop in oil prices were painful, but said they were necessary to avoid long-term damage to the country.

"The state has sought to deal with these changes... through a variety of measures to restructure the economy, some of which may be painful in the short run but ultimately aim to protect the economy of your country from worse problems," he told the consultative Shura Council. 

"Similar circumstances have happened before over the past three decades, forcing the state to cut its expenses, but it emerged from them, thanks be to God, with a strong economy and continuous and increasing growth," Salman said.

In a drastic step to save money, the king in September ordered salaries of ministers and Shura Council members to be cut by 20 and 15 per cent, and scaled back financial perks for public sector employees.

The plunge in oil prices since mid-2014 has pushed energy-rich states to rein in lavish public spending.

Saudi Arabia racked up a record budget deficit of nearly $100 billion last year, forcing it to find new savings and ways to raise money.

King Salman also said that Saudi Arabia sees the security of neighbouring Yemen as part of the kingdom's own security.

"We will not accept any interference in its internal affairs or anything that affects its legitimacy (government), or will make it a hub or a passage for any state or party to target the security of the kingdom and the region as a whole," he said.

Saudi Arabia is leading an alliance of Arab states fighting to restore Yemeni President Abd-Rabbu Mansour Hadi to power after Houthi rebels forced him into exile nearly two years ago.

King Salman also said that Saudi Arabia would continue to work with world powers to achieve world peace.

Source: Timesofoman

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

king salman acknowledges economic pain of saudis king salman acknowledges economic pain of saudis

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

king salman acknowledges economic pain of saudis king salman acknowledges economic pain of saudis

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange

GMT 14:40 2012 Saturday ,10 March

Magdy Al-Galad steps down

GMT 09:47 2017 Sunday ,12 March

Cat Camp in New York attracts cat lovers

GMT 14:57 2016 Friday ,09 September

Madonna, Ritchie settle child custody dispute

GMT 23:52 2017 Monday ,18 September

UAE economic growth boosting logistics sector
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday