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Saudi Arabia Budget

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BUSINESS
December 10, 2001 | Bloomberg News
Saudi Arabia, the world's largest oil producer, said it won't borrow money on the international markets to finance next year's budget deficit, which is forecast to reach $12 billion, the country's finance minister said Sunday. Saudi banks and "national reserves are capable of meeting the shortfall," said the kingdom's finance minister, Ibrahim al-Assaf, the official SPA news agency reported. "We can cover the budget deficit either through issuing bonds or through domestic borrowing," he said.
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NEWS
October 27, 1987
Saudi Arabia registered an unprecedented budget deficit of $16.7 billion in the March-December period of 1986 and is quickly approaching depletion of its once-vast petrodollar reserves, the authoritative newsletter Middle East Economic Survey reported. The newsletter, based in Cyprus, quoted figures supplied by the Saudi Arabian Monetary Agency, the country's central bank, as projecting a deficit of $14.1 billion for the current calendar year.
BUSINESS
May 10, 1991 | From Reuters
The surge in oil production that Saudi Arabia embarked on to fill the gap left by Iraq and Kuwait could break the kingdom's decade-long deficit, pay off all war costs and leave Riyadh with surplus cash by 1994, independent economists say. The cash windfall could also translate into political clout, since Saudi Arabia is determined to boost its military power, which would cost tens of billions of dollars.
BUSINESS
January 6, 1988 | Associated Press
King Fahd canceled a plan Tuesday that would have dimmed his realm's luster for foreigners by taking away up to 30% of their untaxed, and often fat, paychecks. Many in the large foreign colony, which includes 30,000 Americans, had thought seriously of leaving since the plan for taxing foreigners was announced Sunday. On Tuesday, the official Saudi Press Agency, quoting an unidentified "responsible source," said the king decided that the income tax "was shown to need revision."
NEWS
September 15, 1990 | KIM MURPHY, TIMES STAFF WRITER
Tens of thousands of men have flocked to military recruiting centers over the past two weeks in a major public mobilization that could eventually double the size of Saudi Arabia's armed forces and place at least six new divisions along its most vulnerable borders.
BUSINESS
December 10, 2001 | Bloomberg News
Saudi Arabia, the world's largest oil producer, said it won't borrow money on the international markets to finance next year's budget deficit, which is forecast to reach $12 billion, the country's finance minister said Sunday. Saudi banks and "national reserves are capable of meeting the shortfall," said the kingdom's finance minister, Ibrahim al-Assaf, the official SPA news agency reported. "We can cover the budget deficit either through issuing bonds or through domestic borrowing," he said.
NEWS
October 21, 1990 | LAURA PARKER, THE WASHINGTON POST
To the peanut farmers standing around outside Noble's Cotton Gin and Peanut Buying Point on a sultry fall evening, the prospect of a nationwide recession is so far removed from their troubles that it does not even register. Their own economy has been nuked. Drought has destroyed two-thirds of this year's crop.
BUSINESS
May 10, 1991 | From Reuters
The surge in oil production that Saudi Arabia embarked on to fill the gap left by Iraq and Kuwait could break the kingdom's decade-long deficit, pay off all war costs and leave Riyadh with surplus cash by 1994, independent economists say. The cash windfall could also translate into political clout, since Saudi Arabia is determined to boost its military power, which would cost tens of billions of dollars.
NEWS
September 15, 1990 | KIM MURPHY, TIMES STAFF WRITER
Tens of thousands of men have flocked to military recruiting centers over the past two weeks in a major public mobilization that could eventually double the size of Saudi Arabia's armed forces and place at least six new divisions along its most vulnerable borders.
BUSINESS
January 6, 1988 | Associated Press
King Fahd canceled a plan Tuesday that would have dimmed his realm's luster for foreigners by taking away up to 30% of their untaxed, and often fat, paychecks. Many in the large foreign colony, which includes 30,000 Americans, had thought seriously of leaving since the plan for taxing foreigners was announced Sunday. On Tuesday, the official Saudi Press Agency, quoting an unidentified "responsible source," said the king decided that the income tax "was shown to need revision."
NEWS
October 27, 1987
Saudi Arabia registered an unprecedented budget deficit of $16.7 billion in the March-December period of 1986 and is quickly approaching depletion of its once-vast petrodollar reserves, the authoritative newsletter Middle East Economic Survey reported. The newsletter, based in Cyprus, quoted figures supplied by the Saudi Arabian Monetary Agency, the country's central bank, as projecting a deficit of $14.1 billion for the current calendar year.
NEWS
October 16, 1990 | BILL STALL and CATHLEEN DECKER, TIMES POLITICAL WRITERS
Sen. Pete Wilson, smarting from criticism over his absence from the U.S. Senate, broke off his California quest for governor Monday and flew to Washington for crucial end-of-session votes, removing himself from the campaign trail and forcing postponement of Thursday's debate with Democrat Dianne Feinstein. The San Francisco debate, the second of two agreed to by the candidates, tentatively was reset for Oct. 25. Wilson was expected to be in Washington at least through Friday.
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