The projects that have been canceled are the ones that are not expected to accelerate the kingdom's growth or improve the living standards for its people.

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.

The size of the delayed payments—mainly due to severe hits to the kingdom's oil revenue—remains undisclosed, but it includes delayed payments to construction firms, medical establishments, and foreign consultants.One analyst, according to Reuters, estimated that the amount still owing just to construction firms was US$21 billion.

The 2016 budget deficit will not be known until late December, when Saudi Arabia announces its 2017 budget plan.

Payment delays in the kingdom are nothing new. Last year in October, Saudi Arabia also experienced a delay in payments to contractors. Companies working on infrastructure projects had, in late 2015, met with payment delays that exceeded six months as the government tried to hang onto its cash as crude prices started to bite.