Economics
Saudis Plan Unprecedented Subsidy Cuts to Counter Oil Plunge
- Oil made up 73% of government revenue in 2015, ministry says
- Defense spending largest item in 2016 at 213 billion riyals
Saudi Arabia Aims to Cut Spending
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Confronting a drop in oil prices and mounting regional turmoil, Saudi Arabia reduced energy subsidies and allocated the biggest part of government spending in next year’s budget to defense and security.