Saudi Arabia King Salman bin Abdulaziz signed the 2021 state budget on Tuesday following a virtual cabinet meeting in Riyadh. Saudi Arabia plans to spend less next year to rein in a pandemic-induced budget deficit, pursuing austerity even as a rally in oil prices signals a higher demand for crude and a global economic recovery. The Saudi government expects to trim its budget deficit from 12% of economic output this year to 4.9% in 2021, as it lowers spending by about 7% to 990 billion Saudi riyals, equivalent to $264 billion, the country’s Finance Ministry said Tuesday. State revenues are forecast to grow nearly 10% to 849 billion riyals on higher taxes and oil revenues. Saudi Arabia’s budget announcement is a closely watched measure of spending in the wider Gulf region and an indicator of Riyadh’s expectations on the direction of oil prices. Crown Prince Mohammed bin Salman is […]