Saudi actions to boost employment, balancing budget
Tuesday, 13 October 2015
Saudi Cabinet decided to approve the organization of a body for creating jobs and combating unemployment, which will be founded by a general body linked organizationally to the head of the economic and development affairs. The body will create jobs and fight against unemployment in Saudi Arabia through the coordination between all the governmental and private institutions related to the labor market. The Council responsible for the body will include representatives of a number of related governmental and non-governmental bodies in addition to the private sector. The Mal electronic newspaper learned from informed sources that the Saudi government and for the third month in a row, spoke with the banks through the monetary institution SAMA, to issue new bonds at a value of twenty billion riyals to finance the expected budget deficit in light of the decline in oil prices. With this new issue, which will be allocated next week, the total number of bonds issued by the government this year will be seventy five billion riyals and may reach one hundred fifteen billion by the end of the year.