Financial and Banking New


Saudis Suffer First Deficit Since 1977/78

The Government of Saudi Arabia spent SR32.4bn ($9.4bn) more than it earned during 1403/04 AH (the fiscal year ending 1 April 1984), the first actual deficit recorded by the Kingdom since the 1977/78 fiscal year, according to figures published in the Saudi Arabian Monetary Agency (SAMA) Statistical Summary for 1404 AH. The report shows that Saudi revenues declined by 22.5% to SR190.8bn ($55.3bn)...