Saudi Arabia Said to Order Spending Curbs Amid Oil Price Slump
- Government hiring, promotions frozen after crude price drop
- Kingdom's foreign assets fell to lowest in two years in August
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Saudi Arabia is ordering a series of cost-cutting measures as the slide in oil prices weighs on the kingdom’s budget, according to two people with knowledge of the matter.
The finance ministry told government departments not to contract any new projects and to freeze appointments and promotions in the fourth quarter, the people said, asking not to be identified because the information isn’t public. It also banned the buying of vehicles or furniture, or agreeing any new property rentals and told officials to speed up the collection of revenue, they said.