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Saudi plans spending cuts, revenue push to shrink 2016 budget deficit

Reuters , Monday 28 Dec 2015
Saudi
A handout picture provided by the Saudi Press Agency (SPA) on December 23, 2015 (AFP)
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Saudi Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts and a drive to raise revenues from sources other than oil.

The government of the world's top oil exporter ran a deficit of 367 billion riyals ($97.9 billion) in 2015, the Council of Economic and Development Affairs said on Monday.

Its 2016 budget plan aims to cut that to 326 billion riyals, reducing pressure on Riyadh to pay its bills by liquidating assets held abroad.

Next year's budget projects spending of 840 billion riyals, down from 975 billion spent this year. The original budget plan for 2015 projected spending of 860 billion riyals.

Revenues next year are forecast at 514 billion riyals, down from revenues of 608 billion riyals in 2015. This year's original budget plan envisaged 715 billion riyals of revenues.

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expat
28-12-2015 08:46pm
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baaaad news for egypt....
if the guys from the gulf have to hurt their own folks by doubled gasolen prices,do you really think,they will spend billins of dollars in loans to egypt?
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Al
28-12-2015 11:48pm
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Good news for Egypt !
When the rich daddy goes bust, the incompetent Egyptian army government will be forced to find different sources to survive; maybe build an economy! First they have to learn to lower their hand, fire the incompetent Generals, and hire real economists to build the country. All in all; Saudi's trouble is better for Egypt in the long run!
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Sam Enslow
28-12-2015 07:15pm
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Saudi hurt a lot of 'friends'
Many OPEC countries are hurting because of Saudi Arabia's desire for larger market share. However, they have done long term damage to themselves. They can drive prices down, but they cannot bring them back up. As soon as any capped wells become profitable, these wells will go back on line, especially 'fracking wells.' No oil producing nation will give a hoot about protecting Saudi Arabia. Russia, Venezuela, and other nations will produce all they can sell, and now US crude can be exported. That will add to the international oil supply.
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