Contributed by NAMPA / AFP.
Saudi budget deficit halves after reforms, oil rebound
Riyadh, Aug 13, 2017 (AFP) - Saudi Arabia's budget deficit halved in the first six months of this year, the finance ministry said Sunday, following sweeping spending cuts and a stabilisation in oil prices.
The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices.
The budget deficit dropped by 51 percent to 72 billion riyals ($19.2 billion, 16.2 billion euros) i ...