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Budget Deficit

Govt to present ‘mini budget’ in NA today

ISLAMABAD: After the approval from the federal cabinet, government is all set to present its first 'mini budget' Tuesday (today) in the National Assembly. According to sources, it is expected that new taxes, including super tax, worth Rs 158 billion will be imposed in the new finance bill. The bill includes the recommendations to slash development budget by Rs 450 billion, sources said. “The amendments in Finance Act 2018 should bring down the budget deficit from 6.6 per cent to 5 per cent,” the sources informed. In…

Saudi budget deficit halves after reforms, oil rebound

RIYADH: Saudi Arabia's budget deficit halved in the first six months of this year, the finance ministry said on 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) in the first half of 2017, the finance ministry announced. "This result reflects an improvement in…

Saudi plans up to $17.5 bn in first bond issue: Bloomberg

RIYADH: Saudi Arabia plans to raise up to $17.5 billion from its first international bond issue, Bloomberg News reported on Wednesday, as analysts expect strong buyer interest. It would make the Saudi issue the largest ever from an emerging-market nation, said Bloomberg News, which cited two people with knowledge of the offer. The figure exceeds the $15 billion which an analyst had previously told AFP could be the value of the issue. Saudi Arabia, the world's largest oil exporter, projected a budget deficit of $87 billion…