Saudi Arabia has announced a projected budget deficit in 2016 of $87 billion (327 billion riyals), as lower oil prices cut into the government's main source of revenue.<br />The Saudi government has been digging into its large foreign reserves to cover the difference between its spending and revenue over the past year.<br />The government announced its budget on Monday, projecting spending of $224 billion (840 billion riyals) in 2016 versus $137 billion (513 billion riyals) in revenue.<br />In remarks broadcast on Saudi Arabia's state news channel on Monday, King Salman reassured the public at a government meeting that the priority remains developing and investing in social programs.
