NO. 15


Financial and Banking News

Budgets & Revenues

Saudi Budget Signals Tough Line On Government Expenditure

The Saudi budget for 1994, which envisages a 19% cut in spending compared to1993, has succeeded in reassuring the market that the Kingdom intends to tacklethe fiscal deficits which have been the subject of so much discussion in recentmonths. With oil prices declining sharply in the final weeks of December, andthe price outlook for the next few months full of...