Kuwait's finance ministry has slashed spending and projected a big deficit in a draft budget for the next fiscal year, as plunging oil prices hit its export revenues.
The draft budget for the year starting
Dubai would raise spending nine per cent in 2015 under a state budget approved by the emirate's ruler, designed to keep the economy growing strongly while eliminating its budget deficit, official news agency WAM reported on Saturday
Oman's finance ministry released a state budget for 2015 that raises spending at the cost of a big projected deficit due to the plunge in oil prices.
Government expenditure this year is estimated at RO14.1 billion ($36.6 billi
Saudi Arabia's 2015 state budget assumes an oil price close to current levels of around $60 a barrel for Brent crude, a shift from past budgets which were based on prices well below market levels, analysts say.
The kingdom doe
Saudi Arabia’s budget for the 2015 fiscal is another expansionary budget with spending maintained at a very high level which will play a vital role in supporting the economy, a report said.
For the first time since 2011, a fiscal
Saudi Arabia's Finance Ministry will discuss with the central bank its options for financing the large state budget deficit expected next year, and may cover some of the shortfall with borrowing, Finance Minister Ibrahim Alassaf said.
Saudi Arabia plans to raise government spending by 0.6 per cent to a record high next year while covering a large budget deficit due to plunging oil prices with its huge fiscal reserves, the Ministry of Finance said on Thursday.
Saudi Arabia will continue spending on development projects and social benefits in its 2015 budget despite "challenging" global economic conditions, Finance Minister Ibrahim Alassaf said on Wednesday, state news agency SPA reported.
Egypt is targeting economic growth of between four and 5.8 per cent within the next three years while holding the budget deficit at 10 per cent of economic output, Finance Minister Hany Kadry Dimian told Reuters
Egypt's government said on Monday it plans to cut petroleum product subsidies in the next fiscal year but still expects the budget deficit to widen, signalling more tough times ahead as voters went to the polls to elect a new president.