Saudi Arabian Finance Minister Fired Under Royal Decree
MEP: Saudi Arabia on Monday has appointed Capital Market Authority Chairman Mohammed Al-Jadaan as its new finance minister and sacked Ibrahim Al-Assaf, who had held the post since 1996.
Ebrahim Al Assaf “has been removed from his position”, said a royal decree, one of a series of orders from King Salman, published by the official SPA news agency.
Al-Assaf, 67, had been the last veteran member of Cabinet to remain in a key post through a series of government reshuffles after Custodian of the Two Holy Mosques King Salman assumed power last year, including one in May that replaced the long-standing oil minister.
The move comes at a time while Riyadh is dealing with economic struggles brought on by a budget deficit of nearly $100 billion caused by a sharp slump in oil prices as well as Riyadh’s rising army expenditure, a large amount of which is being funneled into a military campaign against Yemen, where over 10,200 people have been killed and thousands more injured.
Since taking power early last year, King Salman replaced the ministers of oil, foreign affairs, trade and economy as the kingdom grapples with low oil prices. In a push led by Prince Mohammed, the government has also cut spending on projects and curtailed a generous system of energy and utility subsidies.
