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Spending increases despite weak oil prices


12-26-2014 16:52 BJT

Saudi Arabia’s Cabinet has put forth its 2015 budget. It projects a slight increase in spending and a significant drop in revenues due to sliding oil prices. 

The country’s finance ministry said it would cover a nearly 39 billion dollar deficit with its huge fiscal reserves. The government says it will continue to invest in areas including education and medial care, while ensuring sustainable growth and job creation despite weak oil prices. 

It also pledges to cut back on salaries, wages and allowances, which "contributes to about 50 percent of total Saudi government expenditures. Analysts say the overall increase in spending is aimed at ensuring growth and stability. 

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