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Wednesday, 21 December 2016

Exclusive: Saudi budget to boost spending, raise domestic fuel prices - sources | Reuters

Exclusive: Saudi budget to boost spending, raise domestic fuel prices - sources | Reuters:
"Saudi Arabia's state budget for 2017, which is expected to be released on Thursday, will boost spending to support economic growth while raising domestic energy prices to ease the government's subsidy burden, sources told Reuters.

The government is expected to announce its budget deficit fell sharply this year to 297 billion riyals ($79.2 billion), the sources, who are familiar with the budget planning, said on Wednesday.

That would allow Riyadh to claim substantial success in its battle to reduce a huge deficit caused by low oil prices. The deficit totaled a record 367 billion riyals in 2015, and the original budget for this year projected a 326 billion riyal gap."

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