Saudi Arabia is gearing up to pay the money it owes private firms after oil revenues collapsed. The decision was taken in a committee chaired by Deputy Crown Prince Mohammad Bin Salman.

According to the official Saudi Press Agency, the subject was discussed in the Council of Economic Affairs and Development regular meeting.

It reported “The council came up with a package of solutions and procedures to settle the dues that met the requirements of spending.”

The council will implement the solutions immediately and aims to complete before December 2016. They also discussed the necessary procedures to pay the dues owned to the private companies from the public treasury.

“The payment was late due to the sharp decline in oil revenue and the measures taken by the kingdom to reduce spending on a number of projects,” it said.

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Nandini