Saudi 2021 budget set to cut spending to tame deficit ...Middle East

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Saudi Arabia announced a 990 billion riyal ($263.91 billion) budget for 2021 on Tuesday, around 7% less than estimated for this year, as the world's biggest oil exporter seeks to tame a huge deficit caused by lower petroleum revenues and extra spending on the coronavirus crisis. The kingdom expects to post a deficit of 298 billion riyals this year, or 12% of gross domestic product (GDP), and 141 billion riyals or 4.9% of GDP next year, according to a budget statement.

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Last updated : 15 Dec 2020 clock 11:45 PM

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