Saudi may lower future spending

03 Apr 2013

(MENAFN) Saudi finance minister, Ibrahim Alassaf, stated that in the coming years, growth of the government’s spending is expected to slow down, reported Arabian Business.

Alasaf added that future spending rises are likely to be lower than in recent years, attributing the expected moderate growth to the large investments the Kingdom made in the past that would lessen the burden on the government’s future expenditure.

The country has earmarked USD219 billion for 2013 spending, which represents a rise of 19 percent from 2012.

He added that the country continued to record huge budget surpluses over the years helped by high oil prices and oil output, however, if oil prices decline notably, the country’s finances could worsen.

It is worth noting that in recent years, Saudi Arabia has sharply increased government spending on welfare, job creation and economic infrastructure.

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