Saudi Finance Minister Mohammed al-Jadaan stressed on Wednesday that the Kingdom has the financial capacity to overcome the coronavirus crisis, saying it will come out of it stronger. "The Kingdom has the fiscal ability to overcome this crisis ... we will get over this in a strong position, the Kingdom has gone through and seen other, deeper crises in the past and survived them,” he told a press conference. Saudi Arabia, which has registered 12,772 cases in total as of Wednesday, expects the COVID-19 crisis to last for a few more months but the impact on its first-quarter revenue, which will be announced in the coming days, will be limited, Jadaan said. The worlds biggest crude exporter has the financial capacity to deal with the current slowdown in economic activity caused by COVID-19 containment measures, he added. Riyadh will also look to lower spending further, after having announced a nearly 5% cut in the states 2020 budget in March. "We are currently studying additional measures to reduce spending. Expenses related to travel, events and other activities as well as projects put on hold will lead to some savings," Jadaan said. The minister said last month that the budget deficit could widen to a maximum of 7-9% by the end of the year, from an earlier projection of 6.4%.