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KHOBAR, Saudi Arabia, Dec 19 (Reuters) - Saudi Arabia's top economic council met on Monday and discussed a draft of the oil-rich kingdom's budget for 2017, state news agency SPA said.
"The council discussed a number of economic and development issues and took several needed recommendations including for the Ministry of Finance's draft budget for the fiscal year 2017," SPA said, referring to Saudi Arabia's Council for Economic and Development Affairs.
This year has been one of the most painful for the Saudi economy in decades, but when Riyadh announces next year's budget it is likely to claim more progress in controlling its finances than many thought possible a year ago, bankers and analysts have said.
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SPA did not make it clear if the draft budget had been approved by the council or provide details on when the budget would be officially announced.
(Reporting by Reem Shamseddine; Writing by Tom Finn; Editing by Hugh Lawson) ((Tom.Finn@thomsonreuters.com;))
"The council discussed a number of economic and development issues and took several needed recommendations including for the Ministry of Finance's draft budget for the fiscal year 2017," SPA said, referring to Saudi Arabia's Council for Economic and Development Affairs.
This year has been one of the most painful for the Saudi economy in decades, but when Riyadh announces next year's budget it is likely to claim more progress in controlling its finances than many thought possible a year ago, bankers and analysts have said.
SPA did not make it clear if the draft budget had been approved by the council or provide details on when the budget would be officially announced.
(Reporting by Reem Shamseddine; Writing by Tom Finn; Editing by Hugh Lawson) ((Tom.Finn@thomsonreuters.com;))
