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Wednesday, 17 May 2017

Saudi Minister Expects Expansionary 2018 Budget Based on Savings - Bloomberg

Saudi Minister Expects Expansionary 2018 Budget Based on Savings - Bloomberg:

"Saudi Arabia’s budget next year will be “expansionary but not significantly” and in line with plans to balance state finances by 2020, Finance Minister Mohammed Al-Jadaan said. “Where the expansion will come is from the efficiency,” Al-Jadaan said in an interview in Jeddah on Tuesday. “So we are working on that -- reducing a lot of the fat that is not necessary and then utilizing that in more productive investments.” The target for a balanced budget is central to the kingdom’s long-term plan to wean the economy off oil, which includes creating the world’s biggest sovereign wealth fund and privatizing some state assets. The Finance Ministry reported this month that the first-quarter deficit narrowed on higher oil revenue, boosting efforts to repair public finances."



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