Saudi Arabia has unveiled spending cuts in its 2016 budget, subsidy reforms and privatisations to rein in a yawning deficit caused by the prolonged period of low oil prices.
The Gulf kingdom has kept oil production at high levels in an attempt to force out higher-cost producers, such as shale groups, and retain its market share. But this year’s deficit ballooned to Sr367bn ($97.9bn) — 15 per cent of gross domestic product — as oil revenues fell 23 per cent to Sr444.5bn.
Seeking to ward off future fiscal crises, the ministry of finance yesterday confirmed wide-ranging reforms, including plans to “privatise a range of sectors and economic activities”.
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