The collapse in oil prices has slashed government revenue, forcing officials to draw on reserves and issue bonds for the first time in nearly a decade.
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Saudi Arabia said that it plans to gradually cut subsidies and sell stakes in government entities as it seeks to counter a slump in oil revenue.The government expects the 2016 budget deficit to narrow to 326 billion riyals ($87 billion) from 367 billion in 2015 . Spending, which reached 975 billion riyals this year, is projected to drop to 840 billion. Revenue is forecast to decline to 513.8 billion riyals from 608 billion riyals.Non-oil income rose 29 percent to 163.5 billion riyals.
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