Saudi Arabia posts big budget deficit

Article Abstract:

Saudi Arabia has posted a $12.3 billion budget deficit and it announced that it would cut spending by 13% in 1999. An economist in the Middle East predicts a negative growth in Saudi Arabia for 1999. This announcement of spending cuts by Saudi Arabia is likely to spread fears of an oil-related recession in the Persian Gulf. Saudi Arabia is the world's largest oil producer and it has been more conservative in its projections of oil prices than the other Gulf countries. Many are wondering whether budget pressures will force Gulf oil producers to start levying taxes and using their oil reserves as collateral for outside financing. No details on the sources of cuts, except Saudi Arabia is planning to delay some defense spending and delay some big capital projects.

Comment:

Saudi Arabia: Has posted $12.3 billion budget deficit and plans spending cuts by 13% in 1999

Government expenditures, Saudi Arabia, Legislative Bodies, Budget, Finance, Budgeting, Budgets, Abstract

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Warped woof: rug-making project in Jordan is snared in a telltale tangle; Bani Hamida's chic carpets spawned nimble clones among rival aid groups

Article Abstract:

Bani Hamida's Women's Weaving Project in Jordan has resulted in several operations that copied its techniques and undercut its prices. Bani Hamida has had wages and sales decrease.

Financial management, Jordan, Carpets & Rugs, Carpet and Rug Mills, Statistical Data Included, Management, Rugs and carpets, Company Profile, Rug and carpet industry

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