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FINANCIAL NEWS
Saudi public debt at 6.3% of GDP: Govt
28 Dec 2011
(MENAFN) Saudi Finance Minister Ibrahim Al-Assaf announced on national TV that the country’s public debt was reduced tremendously to 6.3 percent of the country’s GDP, down from 102 percent, reported Arab News.
The minister said that the Kingdom allocated USD70.6 billion of the coming year’s budget to development project. He noted that this amount hiked from the USD24.5 billion reported five years ago.
In addition to development projects, welfare and infrastructure projects would be highlighted this year.
It is worth noting that these statements came shortly after the Kingdom announced its new budget which set a record USD184 billion for public spending.
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