Sparked by plunging oil prices, the 2016 budget marks biggest shakeup in years and includes politically sensitive reforms
Saudi Arabia has announced plans to cut government spending and reform its finances after plunging oil prices resulted in a record annual budget deficit of nearly $98bn (£66bn).
The state ran a deficit of 367bn riyals ($97.9bn) in 2015, or 15% of gross domestic product, officials said. The 2016 budget plan aims to cut that to 326bn riyals, reducing pressure on Riyadh to pay its bills by liquidating assets held abroad.
Related: Oil price slump turns Saudi surplus into huge deficit, IMF report shows