Saudi Arabia Is On Track for IMF 2016 Budget Deficit Forecast - Bloomberg

Saudi Arabia Is On Track for IMF 2016 Budget Deficit Forecast - Bloomberg:
"Saudi Arabia will likely reduce its budget deficit this year to the level forecast by the International Monetary Fund, as the kingdom cuts spending to counter the impact of low oil prices, a fund official said on Wednesday.
The Washington-based lender expects the shortfall to narrow to 13 percent of economic output from about 16 percent last year.
Tim Callen, the IMF Saudi mission chief, said in a phone interview that while the government’s decision to pay back arrears owed to contractors “will push up spending” in the fourth quarter. “But from what we’ve seen they’re on track.”"

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