A street in Riyadh, Saudi Arabia.
PHOTO BY ARCHIVE
DUBAI – Saudi Arabia is set to cut its public wage bill to 45 percent of the country’s total budget next year, the crown prince said.
Although the rate of employment has grown in the kingdom, “the rate of spending is increasing and the salaries are decreasing”, said Mohammed Bin Salman.
“Three years ago, the rate of salaries to the budget was 50 per cent [and] we expect it next year to be 45 per cent [although] spending is increasing,” Prince Salman told delegates at the Future Investment Initiative summit in Riyadh.
He added that the rate of unemployment will continue to fall.
A three-year oil price slump has forced the oil exporter to cut spending on mega projects and reform subsidies.
Saudi Arabia is also pushing ahead with an economic reform agenda, which the prince says will completely transform the country in the next five years.
“I ask everybody not to believe me, just look at the numbers. Numbers speak louder,” he said. GAD/Expat Media
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