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Saudi Arabia says able to sustain current spending
- Saudi Arabia: Wednesday, January 23 - 2013 at 05:20
Saudi finance minister Ibrahim Alassaf has said the kingdom can maintain its current high level of government spending for years to come, Reuters has reported. "We have the reserves, as well as we are reducing our debt almost to zero. So we can continue in the medium term and even beyond that," he said on the sidelines of the Arab Summit for Economic and Social Development. The International Monetary Fund (IMF) said in September that Saudi Arabia, which has been running big budget surpluses thanks to high oil prices, is expected to see those surpluses shrink gradually in coming years and could post a small deficit as early as 2016. In October, Alassaf called the IMF prediction a "doomsday scenario" which he did not agree with.
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