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Saudi Plans Spending Cuts, Reforms to Shrink Budget Deficit

By Angus McDowall and Andrew Torchia RIYADH/DUBAI, Dec 29 – Saudi Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts, reforms to energy subsidies and a drive to raise revenues from taxes and privatization. The 2016 budget, released by the Finance Ministry on Monday,

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