Saudi projects big deficit in 2015 after oil price drop

RIYADH: Saudi Arabia, the world's largest crude exporter, on Thursday announced a 2015 budget with a huge $38.6 billion deficit due to the sharp decline in oil prices but still raised spending. A statement read on state-run television after a cabinet session said spending for 2015 is projected at 860 billion riyals ($229.3 billion) and revenues at 715 billion riyals ($190.7 billion). Projected spending is slightly higher than the 855 billion riyals planned for this year, but revenues are 140 billion riyals lower than estimates for 2014. Copyright Business Recorder. All rights reserved.

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