Financial and Banking News
BUDGETS AND REVENUES
Saudi Arabia Criticises Report of Budget Cuts
The official Saudi Press Agency (SPA) carried a report on 13 December denyinga news agency report of the previous day which suggested that the Kingdom wouldcut its budget for 1989. The Reuters report quoted unnamed diplomats andeconomists as predicting a cut of "as much as 10%" from the 1988 level ofspending to reflect the fact that Saudi Arabia's inflation-adjusted oil...