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FINANCIAL NEWS
Saudi sets next year’s budget
27 Dec 2011
(MENAFN) Saudi Finance Ministry said that the government set up 2012’s budget that would reach USD187 billion, with an expected surplus of USD3 billion, reported AP.
The ministry added that next year’s revenues would be forecasted to reach USD187 billion, while expenditures would be expected to drop 16.5 percent from this year’s spending, reaching USD183.9 billion.
It also said that the Kingdom’s public revenues in 2011 reached USD293 billion, whereas spending reached USD214 billion, that’s an increase of USD59.7 billion than had been expected originally.
It is worth noting that King Abdullah announced a USD130 billion public spending plan early in 2011, benefiting citizens with low incomes the most, moreover, the amount was also used to establish hundreds of thousands of housing units, create jobs, increase salaries and offer jobless benefits.
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