Saudi Arabian Finance Minister Mohammed al-Jadaan said he was optimistic about efforts to reduce a huge state budget deficit caused by low oil prices.
When asked by reporters if the deficit for the year would be lower than originally planned, Jadaan said it was too early to say but he was “optimistic”.
He said: “I have just been appointed a week ago and am now looking into my files – the budget, contractor payments and other files… I am very optimistic.”
The original plan for 2016 had envisaged a deficit of $87billion.
Some analysts said they now expect this year’s deficit to come in well below that projection, caused by cuts in state spending and delays by the government in paying debts.
Jadaan, speaking on the sidelines of an economic conference, reiterated the government intended to make all delayed payments to the private sector “as soon as possible”.