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Saudi 2019 Budget Boosts Spending to Spur Sluggish Economy

Saudi Arabia plans to increase state spending by 7 percent next year in an effort to spur economic growth that has been hurt by low oil prices, according to a 2019 state budget announced by King Salman on Tuesday. Spending is projected to rise to an all-time high of 1.106 trillion riyals ($295 billion), from an actual 1.030 trillion riyals this year. "We are determined to go ahead with economic reform, achieving fiscal discipline, improving transparency and empowering the private...

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