Saudi Arabia is reportedly working with accounting and consulting firm PricewaterhouseCoopers (PwC) on plans to cancel up to $20 billion of projects as the Kingdom continues to seek ways to cut costs as part of economic reforms, Bloomberg reports.
The Ministry of Economy and Planning has appointed PwC to review $69 billion of government contracts and aims to cut as much as a third of them, Bloomberg reported citing two people familiar with the matter.
Projects under review include contracts awarded by the ministries of housing, transport, health and education, they said, adding that PwC’s role also includes advising on ways to cut project costs or privatize them.
Saudi Arabia recently announced that it had made significant headway in cutting its budget deficit in 2016, with an eye of having a balanced budget by 2020.
The London-headquartered PwC is a multinational professional services network is considered one of the big four auditors.
