Saudi Arabia admits owing billions of dollars to contractors over oil slump

‘The Saudi Arabian finance minister has admitted billions of dollars are owed to private construction firms and foreign workers following the fall in oil revenue. Workers have been struggling for months without pay.
The kingdom has already paid off 70,000 redundant laborers, but tens of thousands remain stranded and unpaid. It has also suspended new contracts. The Council on Economic Affairs and Development (CEDA) does not expect all the workers to be paid off until the end of the year.“I don’t recall the exact amount now, but its billions of dollars,” said the new Finance Minister Mohammed Aljadaan, according to the Guardian.’
Read more: Saudi Arabia admits owing billions of dollars to contractors over oil slump