According to Saudi Finance Minister, Ibrahim Alassaf, Payments owed to construction firms, which currently face delays, were due to “technical reasons,” and their frequency would improve, according to Saudi Finance Minister Ibrahim Alassaf on Saudi state-owned television, Reuters reported on Wednesday.
State spending cuts, caused by government austerity due to low oil prices, have hit the construction industry in the kingdom hard.
The minister, however, did not disclose details about the mentioned technical reasons but claimed payments were now stable and would increase.
Saudi Arabia on Wednesday also held its first-ever international bond sale, selling bonds worth $ 17.5 bn.