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Saudi Budget

IMF urges Saudi Arabia to contain spending and wages

DUBAI: The IMF on Friday warned Saudi Arabia against boosting spending in the wake of rising oil prices, urging the world's top crude exporter to also contain its wage bill. The International Monetary Fund said in a report that a rise in spending would expose the Saudi budget if there was an unexpected drop in oil prices. The report emphasised "the importance of ensuring that spending remains at a sustainable level in different oil price environments" and the need to avoid a fiscal policy that would create undue…

Saudi Arabia in huge new bond sale to finance deficit

RIYADH: Saudi Arabia on Thursday announced it had undertaken another multi-billion dollar bond sale to finance a persistent budget deficit left by low oil prices. The world's top crude oil exporter raised $12.5 billion (10.6 billion euros) in its third international bond issue, the finance ministry said. It comes as Saudi Arabia pursues economic and social reforms including this week's announcement that it will end a ban on women driving. The kingdom has already undertaken three "sukuk" Islamic bond issues this year…