Saudi Arabia is preparing to announce the largest spending budget to be approved before the beginning of the fiscal year, which is expected to exceed 1.1 trillion riyals ($295 billion) in 2019.
According to the preliminary statement from the Saudi Ministry of Finance, total expenditure in the new year budget is expected to reach about 1.106 trillion riyals ($295 billion), 7% higher than this year’s forecasted one. According to the Ministry of Finance, this expenditure level comes within the targeted objectives of economic growth and active role of the private sector.
The initial estimated budget by the Saudi Ministry of Finance was announced during the preliminary statement of the state budget for the fiscal year 2019. This is a first step in the history of the Kingdom, with total revenues estimated nearly at 978 billion riyals ($260.8 billion) for 2019, an increase of 11 percent compared to 2018.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
