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FINANCIAL NEWS
KSA announces 2011 new budget
21 Dec 2010
(MENAFN) Crown Prince Sultan, Deputy Premier and Minister of Defense and Aviation, approved the Saudi budget for 2011 which amounts to $154.7 billion, where $106 billion are allocated to education and infrastructure sectors, reported Arab News.
The crown prince said that this increase in budget aims to boost development in Saudi Arabia and create job opportunities for its citizens. The budget was announced by the Finance Minister Ibrahim Al-Assaf who also said this increase of 16percent in budget was a result of the 25 percent growth in the oil sector.
Al Assaf also commented on the 2010 budget saying that revenue would be $196 billion by the end of the year and expenditures would reach $167.1 billion which means that there was a $23.1 billion increase in expenditures.
Al Assaf added that the Saudi government inked a total of $48.7 billion agreements with private companies, which is 26 percent more than the agreements of 2009. The kingdom’s public debts were all domestic and went down in 2010 from $60 billion to $44.5 billion.
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