Lavish freebies from Saudi king to buoy economy, markets

January 31, 2015 2:05 PM

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Lavish freebies from Saudi king to buoy economy, markets

DUBAI (Reuters) - A lavish payout to public employees ordered by Saudi Arabia's new King Salman will help to sustain the kingdom's consumer boom and reassure financial markets that the government is not slashing expenditure in the face of low oil prices.

On Thursday, Salman ordered the immediate payment of two months of bonus salary to all state employees and pension to retired government workers, in a string of decrees which also reorganized the economic policy-making apparatus.

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