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

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


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...