Payments to Saudi construction firms will rise: finance minister

ibrahim-al-assaf

news565sfsf56Delays in state payments to construction firms are due to “technical reasons” and the payments will increase in the coming period, Finance Minister Ibrahim Alassaf said on MBC on Wednesday.

Alassaf said payments to companies were now “stable” and would rise. He also praised the government’s economic plans and austerity drive.

The Saudi government on Wednesday sold $17.5 billion of bonds, the largest emerging market debt sale ever, in its first international bond sale.

Alassaf said the government planned to issue sukuk in future as one way to cover its budget deficit.

Civil service minister Khalid bin Abdullah al-Araj told the program that after oil prices recovered, some necessary allowances would be resumed.

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