Financial and Banking News

REGIONAL BANKING

Saudi Arabia Rejects Charges of Payment Delays

The Minister of Finance and National Economy of Saudi Arabia, Mr Mohammad Aba al-Khail, last week issued a tart statement denying that Saudi government agencies had delayed payments on contracts which were legally valid. Pointing out that in some cases payment delays are envisaged by the contractual clauses covering nonconformity with technical specifications or delays in implementation schedules,...