Riyadh – Saudi Arabia’s Council of Economic and Development Affairs (CEDA) announced settling payments to the private sector before the end of the fiscal year.
CEDA also said that projects valued at up to 1 trillion Saudi riyals ($266.7 billion) will be canceled as they would not meet the expected economic and development returns.
During a session on Monday presided by Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, who is also CEDA chairman, the council announced a series of measures that would boost the Kingdom’s economy, in the wake of the international decline of oil prices.
The council discussed settling private sector dues, which have been delayed by sharp declines of oil revenues, before the end of December.
The CEDA also stopped awarding a big number of projects, the spending of which does not go in line with the expected economic and development return.
The council has authorized the Deputy Crown Prince to present the package to Custodian of the Two Holy Mosques King Salman bin Abdulaziz.
The measures include reviewing a number of projects and rearranging priorities of spending, in addition to halting the signing of several mega projects.
A package of solutions was announced at the outset of the meeting, including procedures for the settlement of dues that fulfilled the requirements. Dues settlement is expected to begin soon and be completed before Dec. 31.
CEDA members also discussed during the meeting reports submitted by government agencies and the Office to Raise Efficiency of Spending about recent measures taken to raise the efficiency of government spending, including orders and decisions of restructuring some government sectors, as well as actions taken to review the amounts approved for a number projects in line with government priorities, developmental needs and standards of efficiency in spending.