Saudi Arabia plans spending cuts, reforms to shrink huge budget deficit2 min read . Updated: 29 Dec 2015, 01:39 AM IST
The 2016 budget plan aims to cut spendings to 326 billion riyals, reducing pressure on Riyadh to pay its bills by liquidating assets held abroad
Riyadh/Dubai: Saudi Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts, reforms to energy subsidies and a drive to raise revenues from taxes and privatisation.
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