Saudi cuts expenditures, delays some projects on oil plunge

(MENAFN) Saudi's government announced cutting additional expenses and postponing some projects to offset the low oil prices, but it will keep the important projects for the economy.

The Finance Minister said during a visit to Washington DC with the King that his government was lowering expenditure in some areas as low oil prices slashed its revenues.

The world's top oil exporter gulf country was fully-prepared to cope with the drop of crude prices since last year, and that Saudi policymakers were taking it seriously, the minister added.

"We have built reserves, cut public debt to near-zero levels and we are now working on cutting unnecessary expenses while focusing on main development projects," he said.