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Saudi plans spending cuts, revenue push to shrink 2016 budget deficit

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The budget is the first under King Salman, who ascended to the throne in January

Riyadh

SAUDI Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts and a drive to raise revenues from sources other than oil.

The government of the world's top oil exporter ran a deficit of 367 billion riyals (S$137.8

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