Saudi to cut capital spending by 71% in 2016
In a bid to repair public finances damaged by low oil prices, Saudi Arabia will slash its capital spending by 71%, from $70.3 billion in 2015 to $20.6 billion this year, according to reports. Saudi, the world's biggest exporter of crude oil, has already cut the salaries of its ministers by 20%, suspended bonuses, and reduced allowances for government employees.