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Wednesday, 28 September 2016

ECONOMIC CRUNCH: All Ministers Salaries Slashed By 20%!

The Saudi Arabian government has slashed the salaries of its ministers by 20 percent following the continued crash in the price of crude oil.
In addition to this, the annual housing, furniture, etc allowances of 160 members of the Shura Council, who include 30 women, will be slashed by 15 percent drop, according to a royal decree. 

Council members are appointed by the king to advise cabinet.

The decrees however did not say how much money would be saved by the action. 

Since 2014 global oil prices have collapsed by more than half, leaving Saudi Arabia with a record deficit last year.

The fall in the kingdom’s main revenue source has led to unprecedented subsidy cuts and curbs on government spending.

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