Saudi government agrees on cutting 5% of 2020 budget

Saudi Arabia's government has agreed on cutting 50 billion riyals ($13.32 billion), representing less than 5% in 2020 budget, in areas that have the least social and economic impact, state news agency (SPA) reported on Wednesday citing Finance Minister Mohammed al-Jadaan.

"The government took measures to curb impact of oil price drop and will take additional measures to deal with expected price decrease, the minister added.

Al-Jadaan also said that given the potential impacts of the coronavirus outbreak, "developments will be reassessed, items of expenditures will be reviewed and appropriate decisions will be made in a timely manner," SPA reported. ($1 = 3.7530 riyals)