Saudi Arabia’s 840 billion riyal budget slashes spending | GulfNews.com

Saudi Arabia’s 840 billion riyal budget slashes spending | GulfNews.com:

"Saudi Arabia’s economy, hit hard by a sharp decline in oil prices, on Monday an announced 840 billion riyal (Dh822 billion) spending plan for 2016.

The budget deficits for 2015 soared to 367 billion riyals this year. The government plans to cut the deficits to 326 billion riyals (13 per cent of GDP) in 2016 through a combination of spending cuts and augmenting of additional revenue sources other than oil, the finance ministry said, adding that it would review government projects to make them more efficient and ensure they were necessary and affordable.

Next year’s budget projects spending of 840 billion riyals is down from 975 billion spent this year. The original budget plan for 2015 projected a spend of 860 billion riyals. However the actual spending last year was 14.5 per cent less than 2014’s spend of 1.14 trillion riyals."



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