Riyadh – Mubasher: The Saudi royal decrees for spending the premiums will raise expenses to exceed $20 billion, said on Sunday Bank of America Merrill Lynch.

The premiums’ financial impact will lead the government to pay SAR 61.8 billion, which represent 2.3% of the growth domestic product (GDP), instead of paying SAR 50 billion as it was announced before.

The bank’s report expected the financial catalysts which were announced by the government will raise non-oil GDP growth by 2.5% in 2018.

On 19 December 2017, the Saudi King Salman bin Abdulaziz approved the country’s budget for the fiscal year 1439/1440 Hijri year, as the largest budget in the country’s history.