Saudi: ‘Strict, Painful’ Measures to Fight Economic Downturn

Saudi Arabia will take strict and painful measures to deal with the economic impact of the coronavirus pandemic, finance minister Mohammed Al Jadaan said in an interview with Al Arabiya TV, adding that “all options for dealing with the crisis are open”.

“We must reduce budget expenditures sharply”, Jadaan said in comments published on Saturday ahead of the interview’s broadcast. No details of possible measures were given.

The world’s largest oil exporter is suffering from historically low oil prices, while measures to fight the new coronavirus are likely to curb the pace and scale of economic reforms launched by Crown Prince Mohammed bin Salman.