Saudi Arabia's central bank gover**r called for reforms to the country's lavish system of energy and water subsidies, which drain billions of dollars from the state budget and encourage waste by keeping down prices for consumers. In a speech published on the central bank's website late on Sunday, Fahad al-Mubarak gave ** indication that the government actually planned concrete action. Nevertheless Mubarak's speech, delivered at an eco**mic workshop organised by the Saudi government and the International Monetary Fund, may indicate King Salman, who came to power last month upon the death of his brother, plans to take a fresh look at the issue. "One of the existing challenges is enhancing the efficiency of the local consumption of energy and water, which resulted in distortion and a large waste of those important resources in addition to increasing the financial burdens on the government," Mubarak said.
02-10-2015, 02:15 AM
Saudi central bank chief calls for energy subsidy reform
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