SAUDI ECONOMY HIT BY LOW OIL PRICE





Saudi Arabia' King Salman has decided to cut cabinet ministers' salaries by 20 percent and reduced other state officials' benefits in a continuing austerity drive to cope with lower oil revenues. The decision has been taken on Monday.The ministers whose salaries will be affected after new orders of the royal decree are the king' successors: Crown Prince and Interior Minister Mohammed bin Nayef, and Deputy Crown Prince and Defense Minister Mohammed bin Salman. It also stipulates that ministers pay their own phone bills for personal lines.Housing and car allowances for members of the appointed Shura Council will be cut by 15%.Associated Press has reported that with 70 percent of Saudis working in the public sector, nearly half of the government' spending in 2015. Around $120 billion, went to wages salaries and allowance.The scope new retrenchment will not include the salaries of soldiers taking part in military operations in Yemen. Saudi Arabia' central bank said on Sunday, it would inject about 20 billion riyals ($5.3 billion) into local banks in the form of time deposits on behalf of governmnet entities.Ali Faruk Ýmre

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