SAUDI GOVERNMENT TO SLASH OUTLAYS 20%

Saudi Arabia's government will cut spending by 20% this year in an attempt to balance its books. A budget statement said the government plans to spend 160 billion riyals ($43 billion U.S.) during the year, London's Financial Times reported. The budget estimated the year's revenues, virtually all from oil and petrochemical exports, at 155.6 billion riyals ($41.8 billion). Riyadh economists were reported to have said the budget implies a price of $15/bbl for Saudi export crude and

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