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Saudi Arabia slashed worker pay and now its stocks are tanking

Saudi Arabia announced several fiscal consolidation measures on Tuesday in an effort to help reduce the kingdom's record budget deficit as it contends with lower-for-longer oil prices and costly regional conflicts. Chief among them, according to Bloomberg: Ministers' salaries will be shaved down by 20% Salaries of the members of the Shura Council, which advises the monarchy, will be cut by 15%.
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