Saudi Arabia announced 50 billion riyals (Dh48.78 billion, $13.3 billion) in budget spending cuts after the crash in oil prices and the coronavirus outbreak affected its public finances.

In other news, Saudi Arabia has announced a massive SR120 billion ($31.93 billion) package to decisively address the unprecedented economic impact and consequences of the coronavirus (COVID-19) pandemic. In addition, Saudi Arabian Monetary Agency (SAMA) has announced a package of SR50 billion to support the banking sector, financial institutions and SMEs.

To read about this and more of the week’s news from the Kingdom, click here.

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