Saudi Arabia’s new budget mirrors the strength of the Saudi economy despite a global slowdown and falling oil prices, Arab News reported citing leaders at the Council of Saudi Chambers (CSC).
Abdurahman Al-Zamil, CSC chairman, said the Kingdom’s budget, with estimated revenue of SAR 715 billion and expenditure of SAR 860 billion is reflecting the continuation of development projects and plans for economic reforms that will strengthen the global position of Saudi Arabia.
He ruled out any adverse impact from plunging oil prices on the national economy.
Huge financial reserves would enable the Kingdom to finance the projected deficit of around SAR 145 billion for years to come, Al-Zamil said.
He pointed out that this reflects pragmatism and flexibility in public spending, stressing that the same approach has been followed by Custodian of the Two Holy Mosques in drawing up wise financial policies and minimizing public debt.
Photo Credit: Arabianeye-Reuters
Abdurahman Al-Zamil, CSC chairman, said the Kingdom’s budget, with estimated revenue of SAR 715 billion and expenditure of SAR 860 billion is reflecting the continuation of development projects and plans for economic reforms that will strengthen the global position of Saudi Arabia.
He ruled out any adverse impact from plunging oil prices on the national economy.
Huge financial reserves would enable the Kingdom to finance the projected deficit of around SAR 145 billion for years to come, Al-Zamil said.
He pointed out that this reflects pragmatism and flexibility in public spending, stressing that the same approach has been followed by Custodian of the Two Holy Mosques in drawing up wise financial policies and minimizing public debt.
Photo Credit: Arabianeye-Reuters
Source:
Mubasher
