RIYADH, Sept 30 (Reuters) - Saudi Arabia plans to cut spending by 7.5% in next year’s budget to 990 billion riyals ($263.94 billion) from this year’s 1.07 trillion riyals ($285.27 billion), it said in a preliminary budget statement on Wednesday.
It expects a 12% budget deficit for 2020, falling to 5.1% next year, the document showed.
Spending is expected to decrease to 955 billion riyals and 941 billion riyals in 2022 and 2023, respectively, with the deficit shrinking to 3% and 0.4% in those two years. ($1 = 3.7508 riyals) (Reporting by Marwa Rashad, writing by Davide Barbuscia Editing by Gareth Jones)
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