Set out spending cuts, IMF tells Saudis - FT.com

Set out spending cuts, IMF tells Saudis - FT.com:

"The IMF has asked Saudi Arabia for more details of its plans to deal with its ballooning fiscal deficit, warning the world’s biggest oil producer could deplete its financial reserves within five years unless it builds on efforts to balance the budget.
Masood Ahmed, the IMF’s regional director, pressed Riyadh to outline details of its proposed spending cuts and clarify its position on additional revenue generation measures such as taxes, as it deals with a fiscal deficit hovering around 20 per cent this year and next."



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