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Saudi Arabia’s budget 2016: oil at $29, reduced subsidies on gasoline and water

The Ministry of Finance of Saudi Arabia has published the state budget for 2016, drawn up based on the price of $29 per barrel of oil.

In this regard, the authorities of the Kingdom intend to gradually reduce state subsidies for gasoline, electricity and water.

These steps will be taken to reduce the budget deficit, planned at the level of 87 billion dollars.

The new king Salman announced a series of economic and administrative reforms, including the closure and merger of ministries and agencies.




Saudi Arabia’s budget 2016: oil at $29, reduced subsidies on gasoline and water 29.12.2015

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