The Saudi Economic and Development Affairs Council has agreed on shelving SR1 trillion ($266 billion) worth of future projects as the kingdom reels under a sharp oil price crunch, said a report.

The Saudi council has decided to stop contracting on planned projects whose projected economic and development feasibility does not match their costs and does not contribute to accelerating growth and improving people living standards, according to state news agency SPA.

The cancelled projects are the ones that are not expected to accelerate the kingdom’s growth or improve the living standards for its people, stated the report citing the council officials.

The cancellations were first considered in September, but at the time, it was noted that only $20 billion in projects would be considered to put on the chopping block.

A meeting chaired by Deputy Crown Prince Mohammad bin Salman bin Abdulaziz, Second Deputy Premier and Minister of Defense, also announced plans to complete the payments due to the private sector by the year end, said the report.

The council came out with a package of solutions and procedures for the settlement of dues that met the requirements, authorised by the chairman of the council, prior to being submitted to the King, it added.