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KSA to set up a fund to manage budget surpluses
- Saudi Arabia: Tuesday, November 27 - 2012 at 05:35
The Saudi Shoura Council has approved a proposal to set up a sovereign National Reserve Fund (NRF) under the supervision of the Supreme Economic Council, Arab News has reported. The proposed fund will be used for the investment of surplus amounts from annual budgets for the betterment of future generations and offset possible budget deficits, said council member, Yousuf Al-Maimani. "The government will also be able to make use of this fund whenever there is a fall in oil prices," he said.
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