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FINANCIAL NEWS
Saudi government spending up 28.7 percent in 2014
28 Dec 2014
(MENAFN) The Saudi Ministry of Finance said that the government’s spending in 2014 reached USD 292.87 million, USD65.23 million or 28.7 percent more than the budgeted amount of USD227.64 billion, Arab News reported.
The increase in government spending was attributed to a number of reasons including the additional spending on the two holy mosques and other development and service projects as well as due to the international aid given by the kingdom.
The Ministry also said that the Kingdom’s revenue in 2014 was estimated to reach USD278.9 billion, which will cause a deficit of USD14.4 billion, while also saying that the public debt has registered a decline to reach USD11.8 billion compared with USD16 billion recorded at the end of last year.
Meanwhile, the number of government projects’ contracts that have been signed with the private sector in 2014 was 2.572 with a total value of USD49 billion, with the focus of these projects being on infrastructure, education, health, security, social services, municipal services, water and water treatment services, roads and highways, which will also be the focus of the spending for next year in addition to science and technology projects and e-government
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