A Breakdown of the 2016 Saudi Budget and Its Implications
- Government estimates 2016 revenue at 513.8 billion riyals
- Deficit may be financed from local and foreign borrowing
Saudi Arabia Aims to Cut Spending
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Saudi Arabia released a more tightfisted budget for 2016, reflecting scaled-back revenue expectations and lower spending on subsidies because of sinking oil prices and its involvement in the war in neighboring Yemen. Here are some key points in the first spending plan under King Salman, released on Monday by the Ministry of Finance:
The government said expenditure reached 975 billion riyals ($260 billion) in 2015, 13 percent above its target.