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FINANCIAL NEWS
Saudi budget to be USD213.10b in 2015
16 Dec 2014
(MENAFN) The Saudi budget is expected to be around USD213.10 billion in 2015 if the price of oil ranges between USD50 to USD60 per barrel, with the kingdom possibly resorting to use its huge cash reserve if needed, Arab News reported.
The drop in the price of oil, which accounts for 90 percent of the Kingdom’s revenues, is likely to cause the Ministry of Finance to a make budget estimate based on a USD50 per barrel to ensure revenues equal spending.
In addition to the reduced budget, the government might also cut spending by 20 to 30 percent, or by USD53.27 billion compared to the 2014 budget, with this cut not expected to affect mega projects, part of which have already been delayed or stalled in the previous budget plan, though they are forecasted to affect investment spending and economic development in the Kingdom, primarily in industrial cities.
However, if the prices of oil drop below USD60 per barrel, then Saudi is to use the reserve for the USD227.75 it has allocated as an estimated spending target for 2015, as well as using its USD799.12 billion financial reserves it accumulated from previous surpluses to cover any deficit, which might occur due to the country’s huge spending plans.
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