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Saudi Arabia to record 20 percent financial deficit in 2015
(MENAFN) Saudi Arabia is forecast to record a financial deficit of about 20 percent of Gross Domestic Product this year, according to the International Monetary Fund (IMF), Gulf News reported.
However, the IMF noted that despite the deficit and the falling oil prices, the Saudi government will continue working with above average spending budget, which will further aggravate the deficit.
"The decline in oil prices is resulting in substantially lower export and fiscal revenues, but the effect on the rest of the economy has so far been limited," a team leader of the IMF Article IV consultation said.
However, the IMF noted that despite the deficit and the falling oil prices, the Saudi government will continue working with above average spending budget, which will further aggravate the deficit.
"The decline in oil prices is resulting in substantially lower export and fiscal revenues, but the effect on the rest of the economy has so far been limited," a team leader of the IMF Article IV consultation said.
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