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FINANCIAL NEWS
Saudi Arabia intends to shrink its budget debit
29 Dec 2015
(MENAFN) Saudi Arabia proclaimed plans to shrink a record state budget shortage with spending cuts, changes to energy subsides and a drive to raise incomes from taxes.
The 2016 budget marked the hugest shake-up to economic policy in the world’s top crude exporter for more than a decade and includes politically changes.
Moreover, the government ran a debit of USD 97.9bn this year, or 15 percent of gross local product and it aims to reduce that to USD 86.85mn.
Incomes next year are estimate at USD 136.9mn, down from USD 161.9mn in 2015, and the Brent oil price valued almost USD 54 a barrel this year but now almost USD 37.
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As part of its digital transformation journey, BBK adds Google Wallet to its range of digital wallets
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