Saudi Arabia Unveils Drastic Cuts Amid Oil Collapse

Saudi Arabia unveiled its long awaited 2016 budget on Monday, which detailed the Kingdom’s spending plans for the next year. The government plans to cut spending and reform its finances over the next year, as the country adjusts to sub $100/bbl oil. Saudi budget: Headline figures The 2016 budget, the first since King Salman took over the country in January, contained significant changes in spending and revenue policy as Saudi Arabia adapts to lower oil prices and prepares for the “lower for longer” world. The headline figures are as follows: For full-year 2015 the Saudi government forecasting a deficit of…