Saudi Arabia posts record $98 billion budget deficit

Monday 28th, December 2015 / 20:15 Written by
Saudi Arabia posts record $98 billion budget deficit

Saudi Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts, reforms to energy subsidies and a drive to raise revenues from taxes and privatisation.

The 2016 budget, released by the finance ministry on Monday, marked the biggest shake-up to economic policy in the world’s top crude exporter for over a decade, and includes politically sensitive reforms from which authorities previously shied away. Reuters

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