Saudi Arabia announced Tuesday its 2019 budget projecting a $35 billion shortfall, amounting to a deficit for the sixth year in a row due to low oil prices.
The budget foresees spending at $295 billion, the largest in the oil-rich kingdom's history, while revenues, mostly from oil, are estimated at $260 billion, said a government statement read by King Salman.
"We are determined to go ahead with economic reform, achieving fiscal discipline, improving transparency and empowering the private sector," he said in a televised speech.
Under the economic Vision 2030 plan pushed by Crown Prince Mohammed bin Salman, Riyadh is seeking to create more jobs for Saudis, but businesses have been hit hard by tax rises and other steps to narrow the government's budget deficit.
AFP
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