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Saudi Arabia cuts deficit by half in first quarter: deputy economy minister
April 22, 2017 / 10:17 PM / 8 months ago

Saudi Arabia cuts deficit by half in first quarter: deputy economy minister

RIYADH (Reuters) - Saudi Arabia’s deputy economy minister said on Saturday the kingdom had reduced its deficit in the first quarter of 2017 by more than half in part because of prudent public spending.

FILE PHOTO: Men look out of a building as the Kingdom Centre Tower is seen in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File Photo

“The fact that the first quarter deficit was 26 billion riyals ($6.93 billion) when 54 billion riyals was projected at the beginning of the year. This is a very excellent step toward rationalized spending,” Mohammed al-Tuwaijri, deputy minister of economy and planning told state-run Ekhbariya TV.

Saudi’s deficit shrank to 297 billion riyals ($79 billion) in 2016, down from a record 367 billion-riyal gap in 2015. In its 2017 budget plan, Riyadh said the deficit would shrink further this year to 198 billion riyals because of higher oil prices and non-oil revenues.

($1 = 3.7499 riyals)

Reporting by Ali Abdelaty and Katie Paul; Writing by Tom Finn; Editing by Jonathan Oatis

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