Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser
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Saudi Arabia is preparing for the biggest budget in its history, announcing Tuesday record expenditures of 978 billion riyals ($261 billion) this coming fiscal year as the government forecasts a boost in revenue from the introduction of a sales tax, plans to lift subsidies further and a modest rise in oil prices.Revenue for this past year reached 696 billion riyals ($186 billion).The government said the budget deficit this past year was 230 billion riyals ($61 billion) – a steady decline from 297 billion riyals ($79 billion) in 2016 and 367 billion riyals ($98 billion) 2015 .The government projects a budget deficit in the coming year of even less at 195 billion riyals ($52 billion).
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