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Saudi Arabia to Raise Spending, Cover Deficit with Reserves

Saudi Arabia plans to raise government spending 0.6 percent to a record high in its 2015 budget while covering a large deficit due to plunging oil prices with its huge fiscal reserves, the Ministry of Finance said on Thursday. The budget gives the first detailed look at how the world's top oil exporter intends to handle an era of cheaper oil. The stock market rose in the minutes after the announcement, trading 0.9 percent higher. Financial markets had feared the kingdom might...

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