Saudi 2015 budget projects more spending, less revenue and $39B deficit amid oil slump

December 25, 2014 1:00 PM

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RIYADH, Saudi Arabia – Saudi Arabia's Cabinet has endorsed a budget for 2015 that projects a slight increase in spending and a significant drop in revenues due to sliding oil prices, resulting in a $39 billion deficit.

The kingdom says it will dig into its reserves to cover the difference between $229.3 billion in projected expenditures and $190.7 billion in revenues for the coming fiscal year.

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