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Saudi finance ministry freezes Q4 2015 projects

Projects, appointments, and promotions have been put on hold by the finance ministry for the year's fourth quarter, sources said

Saudi's finance ministry has kept projects on hold for Q4 2015. [Representational image]
Saudi's finance ministry has kept projects on hold for Q4 2015. [Representational image]

Saudi Arabia’s finance ministry has reportedly tightened the noose on new projects, appointments, and promotions in the fourth quarter of this year. 

According to Arabian Business, two sources reportedly said the ministry “told government departments not to contract any new projects and to freeze appointments and promotions in the fourth quarter". 

The move comes as the Kingdom grapples with the impact of fluctuating oil prices on its budgetary position. 

The report, citing Bloomberg, also said the ministry had banned the “buying of vehicles or furniture, or agreeing any new property rentals and told officials to speed up the collection of revenue”.

Saudi Arabia is facing a budget deficit this year of up to 20% of GDP, according to projections from the International Monetary Fund (IMF). 

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Construction Week - Issue 746
Jul 20, 2019