Saudi Arabia to protect its economy from deterioration

The Saudi News Agency said on Tuesday that Saudi Defense Minister Sultan Bin Abdul Aziz has asserted that his country seeks to protect its economy from "deterioration."

In a statement to the press during his visit to al-Qasim district in the hinterland of Saudi Arabia, Prince Sultan said, "The Saudi leadership works for preserving the national economy from any deterioration or recession."

Saudi Arabia, the world's leading oil producing country, has decreased its expenditures and is searching for measures to compensate for the decrease in its oil revenues.

Last week, the Saudi government asserted it does not intend to devalue its Riyal. Thereby it put an end to rumors that spread due the decrease in the country's oil revenues.

Meanwhile, Saudi dailies reported that the Saudi authorities decided to offer citizens of the Gulf Cooperation Council states the same privileges as those given to its citizens to work in the private sector. This is in implementation of the resolutions of the GCC summit held in Bahrain in 1994.