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9 months ago
Saudi to settle delayed private sector payments by end-December- SPA
November 7, 2016 / 6:26 PM / 9 months ago

Saudi to settle delayed private sector payments by end-December- SPA

RIYADH, Nov 7 (Reuters) - Saudi Arabia has discussed settling payments to the private sector before the end of the fiscal year, the state news agency reported on Monday.

Saudi Arabia has also cancelled projects valued at up to 1 trillion Saudi riyals ($266.7 billion), the Saudi Press Agency said.

The Council of Economic and Development Affairs (CEDA) was looking at making the private sector payments, which have been delayed by sharp declines of oil revenues, before the end of December, the SPA said.

"The CEDA has also stopped awarding a big number of projects whose spending does not go in line with the expected economic and development return ... which could have reached 1 trillion Saudi riyals if contracted," it said.

The construction industry has been hit hard this year by state spending cuts, part of an austerity drive in response to low oil prices, and by months-long delays in the government settling its debts to contractors. Industry executives have said billions of dollars may be involved.

Reporting by Reem Shamseddine and Marwa Rashad. Editing by Jane Merriman

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