Saudi Arabia unveils record $261bn budget

Saudi Arabia unveils record $261bn budget:

"Saudi Arabia announced plans to boost spending to record levels next year as it unveiled a budget intended to drag the economy out of recession.

The finance ministry on Tuesday said expenditure would hit more than 978bn riyals ($261bn) in 2018, up from 926bn riyals the previous year. It is the first expansionary budget in three years and comes at a critical period for Crown Prince Mohammed bin Salman as he consolidates his power and attempts to implement ambitious reform programmes to modernise the conservative kingdom.

The economy has been struggling since the collapse in oil prices in 2014. The government has been forced to slash spending, cut subsidies and tap international debt markets as it has struggled to keep its widening fiscal deficit in check."



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