The government recorded a budget deficit of 367 billion riyals in 2015.
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Spending, which reached 975 billion riyals ($259.94 billion) this year, is projected to drop to 840 billion ($223.95 billion).
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“The budget comes in light of lower oil prices and economic and financial challenges on regional and global levels… our economy, with the help of God, has what it takes to overcome the challenges”, King Salman said on state television.
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The 2015 deficit is the highest in the history of Saudi Arabia, which relies on oil for 90 per cent of public revenues, but was not as big as some expected.
“The kingdom reduced its dependency rate on oil revenues in 2015 and it will do the same in 2016 to overcome any negative impact from the decline in oil prices”, Sfakianakis said.
Prices tanked more than three percent on Monday, effectively dousing a rally that followed Brent crude tumbling to 11-year lows last week.
Saudi Arabia got 73 per cent of 2015 revenue from oil.
Spending for the year hit 975bn riyals, some 13% more than forecast.
The reserves dropped from United States dollars 732 billion at the end of 2014 to USD 628 billion in November, Jadwa said. Saudi Arabia normally overspends its budget projections by around 20 percent. Prices will also increase for water, electricity, diesel, and kerosene.
The budget and price increases dominated talk on Saudi social media on Tuesday, with Twitter user Fahad al-Owain saying many would suffer from the price hikes.
Such subsidies are a highly sensitive issue in Saudi Arabia, where residents have grown accustomed to low utility and fuel costs.
Bloomberg News said Saudi’s 2016 budget is probably based on crude prices of about $29 a barrel.
Second, it starts to introduce a credible medium-term fiscal consolidation strategy to address the oil price slump through revenue- and expenditure-side measures, the first round of which saw sweeping energy, water and electricity administered price changes. Projections show an $87 billion deficit for next year.
The IMF has said that if Saudi Arabia raised its fuel prices to Gulf levels, it will save around $17 billion annually.
The International Monetary Fund warned in October that Riyadh would run out of money within five years if it did not tighten its belt.
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The Tadawul All-Shares Index (TASI) fell by 3.1 percent minutes after opening but recovered slightly to close down 0.9 percent at 6,930.60 points.
