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Tuesday, 13 December 2016

Saudis to claim partial victory in taming huge deficit with 2017 budget | Reuters

Saudis to claim partial victory in taming huge deficit with 2017 budget | Reuters:
"Saudi Arabia's 2017 state budget is likely to show Riyadh has shrunk a huge deficit caused by cheap oil faster than expected, which may let it spend more to bolster a shaky economy

This year was one of the most painful for the Saudi economy in decades. Growth slowed sharply and speculators bet against the Saudi currency as the government fought to curb a deficit that totalled a record 367 billion riyals ($98 billion) in 2015.

But when Riyadh reveals next year's budget in about two weeks, it will claim more progress in controlling its finances than many thought possible 12 months ago, bankers and analysts in touch with Saudi economic officials said.

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