Saudi projects $87bn deficit for 2016
Saudi Arabia
Riyadh - Arab Today
Saudi Arabia projected a deficit of $87 billion as it issued its 2016 budget on Monday, the kingdom's third annual shortfall in a row due to the oil price slump.
Revenues are projected at 513.8 billion riyals ($137 billion), the lowest since 2009, according to a statement posted on the finance ministry website.
The kingdom, the world's largest oil exporter, is projecting spending next year at 840 billion riyals ($224 billion), the statement said.
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