Saudi Arabia on Monday said its budget deficit for next year would widen as the world's top oil exporter faces tumbling oil prices and production cuts. The kingdom projected a budget deficit of $50 billion for 2020, for the seventh year in a row, up $15 billion on this year, according to an official statement read on state-run TV. The statement released following a cabinet meeting chaired by King Salman said Riyadh would also cut spending for next year in a rare belt-tightening measure Spending was projected at $272 billion, down 7.8 percent on 2019 estimates while revenues were estimated at $222 billion, also lower by 14.6 percent.
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