Saudi King Salman bin1 Abdulaziz Al Saud on Wednesday stressed that the kingdom has not been affected2 by the current drop in oil prices due to years of money reserve, Saudi Press Agency (SPA) reported.
沙特通讯社报道，沙特国王萨勒曼·本·阿卜杜勒-阿齐兹上周三强调，因为有多年的货币储备，目前油价下降没有对该国造成影响。
During the past years, money kept flowing into the kingdom because of the high oil prices, King Salman said in his speech before the Saudi Shura (Consultative) Council, the first since he took office of the oil-rich country in January.
The major revenues have been
allocated3 for massive development projects,
infrastructure4 and reinforcement of the state reserve, he said.
He said the low oil prices will not hinder the
implementation5 of development plans and projects.
He revealed a host of steps to handle the situation, which include reducing the government
expenditure6 and size by canceling some authorities and councils and increasing revenues of government investments.
Saudi Arabia has been leading an Arab
coalition7 against the Iran-backed Shiite Houthi group in Yemen, which it said aims at restoring Yemeni President Abd-Rabbu Mansour Hadi's authority in the country.
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