Saudi lifts up state spending to record in 2015

27 Dec 2014

(MENAFN) Saudi Arabia will lift state spending to a record in its 2015 budget while covering a deficit with its huge fiscal reserves, The Peninsula Qatar reported.

The government’s decision is set to provide the first detailed look at how the world’s top oil exporter aims to handle an era of cheap oil, the government said in a statement.

Spending in the 2015 budget is projected at a record USD230 billion, up 0.6 percent from USD227.67 billion in the 2014 budget plan, the smallest rise in over a decade.

“We have the ability to endure low oil prices over the medium term,” Finance Minister said, defining the medium term as three to five years but also said oil was expected to rebound late next year or in 2016.

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