As the Kingdom is facing a double crisis triggered by the coronavirus pandemic and the downturn in global oil markets, its finance minister said on Saturday that Saudi Arabia will need to take "painful" steps and look for significant budget cuts.
In the last decades, the Kingdom has not experienced a crisis of this magnitude, Mohammed Al-Jadaan said in an interview with Al-Arabiya TV station in Saudi Arabia. "We need to take very tough and strong steps, and they may be painful, but they're important," he said.
Crown Prince Mohammed bin Salman, the power behind the dramatic reforms in Saudi Arabia, is imposing more measures that he hopes will improve the international profile of the Kingdom.
The kingdom has introduced two changes to the law in the past week alone: banning flogging as a punishment, and ending the death penalty for crimes committed by minors.
Saudi Arabia must slash budget expenditures sharply, Mohammed al-Jadaan disclosed in an interview with Al Arabiya TV, stressing that the effects of the novel coronavirus on the Kingdom's finances will appear from the second quarter this year. The Kingdom's finances "need more discipline and the road ahead is long," he said.
The Ministry of the Interior of Saudi Arabia implemented a 24-hour lockdown on Dammam, the capital of the east province of the Kingdom, Al Arabiya announced on Sunday morning. The move comes as part of ongoing efforts by the Kingdom to control coronavirus spread.
Up until further notice, the Saudi authorities have absolutely banned entry or exit from the second industrial region, while still allowing movement for shipping and transporting goods.
A number of Gulf states have carried out lockdowns in key areas of cities where big volumes of low-paid, mostly foreign, employees work and reside in close proximity.
The Ministry of the Interior of Saudi Arabia implemented a 24-hour lockdown on Dammam, the capital of the east province of the Kingdom, Al Arabiya announced on Sunday morning. The move comes as part of ongoing efforts by the Kingdom to control coronavirus spread.
Up until further notice, the Saudi authorities have absolutely banned entry or exit from the second industrial region, while still allowing movement for shipping and transporting goods.
As the world's largest oil exporter, OPEC and its allies are preparing for a second impact from the oil price slump and production cuts. Brent crude's price plummeted more than 50 percent in March, leading to a record $27 billion monthly fall in net foreign assets from the Saudi central bank.
