Financial and Banking News

SAUDIS CONSERVE RESERVES WITH BALANCED BUDGET

After two years of drawing on their substantial reserves to finance deficits totaling SR78.3bn ($22bn), the Saudi Arabian authorities last week announced a balanced SR200mn ($55.6bn) budget for the financial year beginning 23 March. According to the budget, government expenditure will be cut back for the fourth successive year to a level 30% below the SR285bn peak reached in FY1981/82. Even this reduced level of...