FINANCIAL NEWS

Saudi budget to expose changes in income policy

28 Dec 2015

(MENAFN) Saudi Arabia predicts the 2016 budget to plan spending of almost USD 213.15mn, roughly 20 percent lower than their estimate of this year’s actual spending.

Additionally, the 2016 budget is expected to hold major changes in spending and possibly revenue policy in order to reduce a deficit caused by low oil prices.

Accordingly, the shortage for this year is predicted to reach in at almost USD 107-133bn, around 20 percent of gross domestic product.

“We think that government will maintain a level of spending high enough to continue supporting positive growth in the nonoil private sector,” said chief economist.

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