DUBAI, United Arab Emirates (AP) — Saudi Arabia plans to cut more than seven percent in spending next year, the finance ministry said, as the region’s biggest oil producer seeks to trim a gaping budget deficit amid the coronavirus pandemic and falling oil prices. The kingdom expects its deficit to hit $79.4 billion this year, according to a government budget statement released late Tuesday, an estimated 12 percent of the country’s gross domestic product. By slashing spending to $264 billion next year, it hopes to bring its deficit down to 4.9 percent of the country’s economic output. For the first time, the budget did not offer a breakdown for oil and non-oil revenue because the kingdom’s oi
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