Riyadh - Mubasher: King Salman of Saudi Arabia said on Tuesday that the 2019 budget is the largest in the kingdom's history.

"We are determined to go ahead with economic reform, achieving fiscal discipline, improving transparency and empowering private sector," the King stated.

The Saudi King earlier on Tuesday ordered the continuation of public sector cost-of-living allowances, before a state budget announcement which boosts spending despite efforts to close the fiscal deficit.

The Saudi budget includes a total expenditure projected at SAR 1.106 trillion, with revenue expected at SAR 975 billion.

This means that the budget deficit is seen at SAR 131 billion riyals or 4.2% of the gross domestic product (GDP), with public debt amounting to SAR 678 billion or 21.7% of GDP.

Meanwhile, oil revenues are estimated at SAR 662 billion, taking into account the financial impact of correcting energy prices, compared to SAR 607 billion in 2018, Reuters reported.

The Saudi government also expects non-oil revenue to increase by 9% to SAR 313 billion in 2019, up from SAR 287 billion in 2018.