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Friday, 23 December 2016

Riyadh speeds reforms alongside energy price rises

Riyadh speeds reforms alongside energy price rises:

"Saudi Arabia will gradually link domestic energy prices to international benchmarks over the next few years as the kingdom seeks to deepen economic reform and balance its budget by the end of the decade.

Speaking at a press conference to announce the budget for 2017, Khalid al-Falih, energy minister, said that poorer Saudis hit hard by the end to subsidies on utilities and fuel would be compensated with monthly cash deposits.

Domestic price rises come after an initial round of subsidy reforms were announced a year ago. Along with a cut to public sector allowances, the measures have eased fiscal strain and allowed Riyadh to trim state expenditure by a quarter over two years."

'via Blog this'