Saudi Arabia 2016 budget to focus on sources of profits

21 Dec 2015

(MENAFN) Saudi Arabia government is predicted to claim a raise revenue from new sources as it lays out a plan for the coming year to manage with an area of cheap oil.

“We expect budget 2016 to confirm again the government’s determination and ability to support economic activity despite the prevailing subdued oil pricing environment,” said chief economist.

However, markets are stressed due to low crude prices have pushed state finances into shortage, and the kingdom’s stock exchange fell 16.3 percent.

The government’s deficits this year expected to come in at USD 106.4mn to USD 133mn, almost 20 percent of gross local product.

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