Saudi king says govt to focus on raising efficiency of public spending

DEC 23, 20157:17 PM

[DUBAI] Saudi Arabia's King Salman said the government's economic vision would focus on increasing the efficiency of government spending as well as increasing returns on investments, according to the Twitter account of the Saudi Shura Council on Wednesday.

King Salman officially inaugurated a new session for the consultative body earlier on Wednesday. He was also cited as saying that the economy had maintained real growth despite economic volatility and declining oil prices.

The world's top oil exporter is facing severe fiscal pressure this year as a result of cheap oil prices, running an annual budget deficit of over US$100 billion and forcing Saudi authorities to begin reigning in state spending.

REUTERS