Saudi declares $12 billion budget deficit
OPEC kingpin Saudi Arabia on Sunday, December 9 announced a 45 billion riyal ($12 billion) deficit for the 2002 fiscal year, following a cabinet meeting chaired by King Fahd.
Revenues were projected at 157 billion riyals and expenditures at 202 billion riyals , said Saudi Information Minister Fuad al-Faresi, quoted by the SPA. The sharp drop in revenues from an estimated 215 billion riyals for 2001 is attributed to a major decline in oil prices and cuts in oil production. — (AFP, Riyadh)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)