#RECESSION: Saudi Cuts Bonuses, Salaries to Deal with Budget Deficit

King Salman of Saudi

Saudi Arabia has announced a series of cutbacks in its public bonuses and salaries of ministers as the kingdom struggles to cope with financial woes such as slumping oil prices and rising military expenditures.

The state-run Ekhbariya TV on Monday showed footage of an assembly of ministers and royals, including King Salman, where a list of cuts covering various grades in the civil service was read by one of the officials.

“The cabinet has decided to stop and cancel some bonuses and financial benefits,” read a line of text on the TV.

A later report on the channel broadcast a royal decree which outlined more details of the slashes, including a cut to ministers’ salaries by 20 percent and to members of the appointed Shoura Council by 15 percent.

The cuts are the latest in a series of measures by the Saudi government to curb the kingdom’s financial perks. Read full on Press