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Dubai orders spending cuts
Dubai's government is cutting spending by 15 percent to mitigate the effects of a budget shortfall, The National reported Monday (March 1st). The spending cuts will save roughly $1 billion. The government is hoping that income from the Dubai metro, toll roads and other projects will help close the budget deficit, estimated to be about 2 percent of GDP. The IMF has estimated Dubai's total debt at $109 billion, higher than earlier estimates of about $85 billion.
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