VOL. XLIV

No 51

17-December-2001

SAUDI ARABIA

Saudi Arabia Approves 2002 BudgetDeficit, Highlighting Vulnerability To Oil Price Movements

In a predictably cautious manner,Saudi Arabia has approved its year 2002 national budget with a projected 27% reductionin revenues and a 6% decrease in expenditures compared to 2001, revealing afiscal policy still intrinsically linked to oil price movements (see Tablebelow). A statement issued by the Ministry of Finance and Economy on 8 Decemberannounced that...