Saudi Arabia plans spending cuts, reforms to shrink huge budget deficit

December 28, 2015 4:30 PM

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Saudi Arabia plans spending cuts, reforms to shrink huge budget deficit

The 2016 budget plan aims to cut spendings to 326 billion riyals, reducing pressure on Riyadh to pay its bills by liquidating assets held abroad

Riyadh/Dubai: 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.

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