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Saudi king cuts ministers' salaries 20%

Since 2014 global oil prices have collapsed by more than half, leaving Saudi Arabia with a record deficit last year. The fall in the kingdom's main revenue source led to unprecedented subsidy cuts and curbs on government spendingSaudi Arabia Monday cut the salaries of cabinet ministers by 20 percent and froze the wages of lower-ranking civil servants in an intensified austerity drive to cope with lower oil revenues. While ministers will have lower salaries, the 160 members of the Shura Council will see a 15-percent drop in their annual allowances for housing, furniture and cars, a royal decree said. Council members — who include 30 women — are appointed by King Salman to advise the cabinet.

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