Tax & Spend
Saudi Arabia Cuts Spending to Reform Economy Amid Lower Oil
- Kingdom reduces outlay after overshooting targets this year
- Saudi Arabia is investing in projects to be less oil-dependent
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Saudi Arabia outlined plans to trim spending in 2025 after overshooting targets this year in an effort to progress a trillion-dollar economic transformation plan.
Expenditure will fall to 1.285 trillion riyals ($342 billion), the Finance Ministry said on Tuesday, as the kingdom adjusts to a recent fall in oil prices. The government is forecasting a budget deficit in 2025 of 101 billion riyals, in line with projections made last month.