Prince Alwaleed ​slams Saudi finance minister over budget deficit

In a fresh attack, Saudi Arabia’s Prince AlWaleed bin Talal, criticized Finance Minister Ibrahim al-Assaf over the projected 2015 budget deficit.

"You have recently said that this is the people’s money… So how could we waste this money?" he asked in a letter addressed to the minister, the king, and the crown prince.

Expenditure has soared 28 percent compared to 2014, while oil prices were expected to drop, he added.

The billionaire businessman, who holds no executive portfolio in the Saudi government, urged afresh to establish a sovereign wealth fund, addressing the budget deficit and diversifying the economy, which is 90 percent oil-dependent.

A SWF is more needed than ever and the reserves should be invested in it, whether SAR 2 trillion or SAR 1.8 trillion, he added.  

He also criticized Saudi officials for remaining silent when oil prices dropped by the end of last year, urging a public debate over the economic situation.