Saudi Arabia has been grappling with a budget deficit since oil prices first plunged in 2014. Saudi Arabia plans to cut more than 7% 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% 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% of the country’s economic output. For the first time, the budget did not offer a breakdown for oil and non-o
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