Saudi Arabia has announced a spending boost that will sharply narrow next year’s budget surplus as it looks to tackle the impact of inflation and use its oil windfall to accelerate the development of economic diversification projects. The kingdom’s Finance Ministry said in a preliminary budget statement on Friday that it expects a surplus of 9bn ($2.4bn) next year, or 0.2% of gross domestic product - smaller than an earlier estimate of 27bn riyals. Spending is projected at 1.11tn riyals with revenue of 1.12tn riyals, the ministry said. The economy is forecast to grow 3.1%. The world’s top oil exporter has emerged from the pandemic with a fast-improving balance sheet thanks to a rebound in c
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