SAUDI ARABIA

 

Saudi Arabia Unveils Record 2014 Budget Despite Curb On Expenditure Growth

 

Riyadh has announced yet another record budget for 2014. But the 4.3% spending hike is lower than in previous years, in an attempt to rein in the spending boom which followed the 2011 uprisings in the Arab world. The Saudi government appears to be heeding the IMF’s recent advice that the state budget could fall into a deficit by late 2016 if expenditure continues to rise.

The 2014...