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Author Topic: No more new cars or furniture, says king as oil slump forces cuts on Saudi Arabi  (Read 410 times)
zenitzz
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October 09, 2015, 12:18:11 AM
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Secret memo reveals King Salman imposing unprecedented austerity on public-sector budget as oil price languishes at under half of break-even level

The Saudi government has banned official purchases of cars and furniture and slashed travel budgets and infrastructure spending as it faces its gravest fiscal crisis for years because of low oil prices, according to leaked internal government documents.

Secret Saudi policy memos issued by King Salman to the finance minister detail the new economic austerity measures to be implemented across all government ministries. Saudi public finances have been depleted this year by tumbling oil prices to such an extent that the kingdom is expected to run a deficit of at least 20% of GDP in 2015.
One letter marked “Highly Confidential and Most Urgent” dated 14-12-1436 (28 September 2015 in the Islamic calendar) gives strict instructions to stop any new projects, end the purchases of any new vehicles, furniture or other equipment, freeze all appointments and promotions, stop compensation payments for property, and halt any new rental agreements.

Expenditure from existing budgets and projects during the fourth quarter are forbidden to exceed 25% of the agreed totals, and expenditure on travel and other business-related expenses are not to exceed 15% of the original budget.

The speed at which oil revenue is brought into the finance ministry’s coffers must also be increased, and the letter says the king’s orders must be implemented immediately, provided no outstanding contractual rights are affected. The Guardian has been unable to authenticate the documents, but experts say they appear to be genuine.

The oil crunch – prices have halved to barely $50 a barrel over the past two years – has coincided with an expensive war in neighbouring Yemen and some sudden largesse decreed by Salman when he succeeded his late half-brother Abdullah as the new king in January.

Read more: http://www.theguardian.com/world/2015/oct/08/no-more-new-cars-furniture-king-oil-slump-forces-cuts-saudi-arabia

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ThePrinceofTea
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October 09, 2015, 12:38:36 AM
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I always asked me if they were free to pump max, or pressured, some kind of black mail used by the expert of the .gov... anyway bombing wedding isn't appropriate.
ThePrinceofTea
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October 09, 2015, 12:56:05 AM
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I repeat and quote: ONLY FEAR GOD.

IN GOD WE TRUST.
christycalhoun
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October 09, 2015, 02:00:42 AM
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Well fun time is over for the saudi's. If they were smart they would have invested that oil money into other profitable ventures.

ThePrinceofTea
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October 09, 2015, 02:01:39 AM
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Well fun time is over for the saudi's. Too bad they are too stupid to invest in anything else.

ahaha Smiley all saudis aren't found on riding camels, some prefer horses...
ThePrinceofTea
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October 09, 2015, 02:02:54 AM
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falcon beats camel+horse... in my own opinion...
vero
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October 09, 2015, 02:09:31 AM
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Saudi Arabia shorted itself to protect falling prices about 8 years ago, but instead the speculators screwed them and the USA by inflating demand pushing orders from one drawing to another.

ThePrinceofTea
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October 09, 2015, 02:25:12 AM
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I don't understand the hate against KSA... there are kuffars, their faith is sealed. the others are very pious... you have no idea (and I am speaking of both male and female).

I should even add... there are nasty camel... you know what happen to nasty camel?

to speak bluntly, they get fucked hard... some eat them even Smiley. high prot / law fat.
bojan92
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October 12, 2015, 06:29:13 PM
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They are investing so much in tourism. Even if the oil run out, they are very attractive for tourist. Dubai, for example, many nice beaches, lovely city, nice expensive hotels, it is a very desired location. I am sure they have some another back up plan for the what if situation Smiley)))
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