RIYADH: King Salman announced during the annual budget statement, Saudi Arabia will disburse more in 2018 than before in its history.
Government expenditure will next year aggregate to a projected SR978 billion, up from SR890 billion this year. Development funds will set to conduct whole public expenditure to more than SR1.1 trillion in 2018.
According to the Saudi Press Agency (SPA), the National Development Fund will fund housing, industrial and mining projects in addition to packages motivating the private sector.
The budget shortage is set to fall further, to a projected SR195 billion. In 2017, the shortage is estimated at SR230 billion, below 10 percent of gross domestic product (GDP).
That level of shortage — at 8.9 percent of GDP (gross domestic product) in 2017— compares with around 15 percent in 2015 and 12.8 percent last year. Upcoming year is presumed to be the fifth year of budget shortage.
The budget statement told, earnings rising from SR692 billion this year to SR783 billion in 2018, the shortage is expected to fall to below 8 percent of GDP.
King Salman said, they are making every effort to meet the Kingdom’s Vision 2030, which is pointed to increase the size of the national economy and comfort its growth.Many programs had been launched within the framework of the Vision 2030.
The King Said, the budget also includes allowance for housing, to provide more employment opportunities for male and female citizens.
Crown Prince Mohammed bin Salman said: “Improving the living standard of citizens and diversifying the economy are our goal.
“We will attain financial stability by prompting the private sector to initiate more jobs.”
He said that the measures are already undertaken under Vision 2030.
Nasser Saidi, the former chief economist of the DIFC and Lebanese economy minister, told Arab News, next year would be key for the Saudi economy.
Source:- ARAB NEWS