Saudi Arabia projects $87B deficit due to low oil prices

RIYADH, Saudi Arabia -- Saudi Arabia has announced a projected budget deficit in 2016 of $87 billion (327 billion riyals), as lower oil prices cut into the government's main source of revenue.

See Full Article

The Saudi government has been digging into its large foreign reserves to cover the difference between its spending and revenue over the past year.

The government announced its budget on Monday, projecting spending of $224 billion (840 billion riyals) in 2016 versus $137 billion (513 billion riyals) in revenue.

In remarks broadcast on Saudi Arabia's state news channel on Monday, King Salman reassured the public at a government meeting that the priority remains developing and investing in social programs.

Benchmark U.S. crude was trading Monday at $37.46 per barrel on the New York Mercantile Exchange.



Advertisements

Latest Economic News

  • British Airways aims to recover from IT failure

    Economic CTV News
    LONDON -- British Airways said Sunday it was still working to restore its computer systems but hoped to resume flights from London airports, a day after a global IT failure crippled its services. The airline said that it hopes to operate a "near normal schedule" at Gatwick and the "majority of services" from Heathrow on Sunday. Source
  • Canadian teenagers smarter than most about money, OECD finds

    Economic CBC News
    Canadian teenagers are more financially literate than most people their age in other rich countries, but more than one out of eight still fails to meet what the OECD considers a baseline level of proficiency in the topic. Source
  • People with serious food allergies want impostors to stop faking it in restaurants

    Economic CBC News
    Sarah Elliott has had it with people faking food allergies in restaurants. She has life-threatening allergies to eggs, dairy and nuts and fears the impostors are hurting her chances of safely dining out. Source
  • GM's emissions scandal and dangerous avocados: CBC's Marketplace consumer cheat sheet

    Economic CBC News
    If you've been too busy to follow the consumer news this week, here's our cheat sheet. And you can get the Marketplace newsletter in your inbox every week. GM accused of emissions cheating A class-action suit in the U.S. Source
  • CN Rail employees issue strike notice

    Economic CTV News
    MONTREAL -- A union representing employees at CN Rail is threatening job action to back contract demands. The Teamsters union has given the company 72 hour strike notice and could legally walk off the job Tuesday morning. Source
  • British Airways cancels flights amid global computer outage

    Economic CTV News
    LONDON -- British Airways cancelled all flights from London's Heathrow and Gatwick airports Saturday as a global IT failure caused severe disruption for travellers on a busy holiday weekend. The airline said it was suffering a "major IT systems failure" around the world. Source
  • Computer outage grounds hundreds of British Airways flights in London

    Economic CTV News
    LONDON -- British Airways cancelled all flights from London's Heathrow and Gatwick airports on Saturday as a global IT failure upended the travel plans of tens of thousands of people on a busy U.K. holiday weekend. Source
  • British Airways outage spurs London travel chaos; power issue blamed

    Economic CTV News
    LONDON -- British Airways cancelled all flights from London's Heathrow and Gatwick airports on Saturday as a global IT failure upended the travel plans of tens of thousands of people on a busy U.K. holiday weekend. Source
  • Broker, agent who worked with subsidiary of Home Capital disciplined

    Economic CBC News
    An Ontario regulator says it has imposed disciplinary actions against a mortgage broker and agent who worked with Home Trust Co., a subsidiary of Home Capital Group, over their handling of mortgages. The Financial Services Commission of Ontario (FSCO) says it conducted a review of 45 mortgage brokers and agents that Home Capital cut ties with after they were accused of falsifying income information several years ago. Source
  • Calgary man on lam in Mexico sentenced to 3 years in $27M mortgage fraud

    Economic CTV News
    CALGARY -- A Calgary man who was arrested after being on the lam for two years in Mexico for his part in a $27 million mortgage fraud has been sentenced to three years in prison. Source