Saudi King Announces Adoption of Largest Budget in Country’s History
AP Photo/ Hassan AmmarBusiness21:02 19.12.2017(updated 21:03 19.12.2017) Get short URL110
DUBAI (Sputnik) – Saudi Arabia’s King Salman bin Abdulaziz Al Saud has announced the adoption of the biggest budget in the country’s history, providing for revenues of 783 billion Saudi riyals ($209 billion).
“This is the biggest budget in the history of the kingdom, despite the decrease in oil prices. Its revenue portion is 783 billion riyals, its spending part is 978 billion riyals. The budget deficit amounts to 195 billion riyals,” King Salman said.
The Saudi King stressed that oil revenues have decreased by almost 50 percent in the new budget.
Saudi Arabia will “continue its fight against corruption and adhere to funds saving policy,” King Salman pointed out in a speech, aired by the Riyadh-based Al Ekhbariya broadcaster.
According to Saudi media, the country’s budget deficit fell to 8.9 percent of Gross Domestic Product (GDP) for the first time since 2015.
READ MORE: How Oil Price Spike Over Saudi ‘Corruption Purge’ May Increase US Output
Last month, the Saudi law enforcers arrested 11 Saudi princes, four incumbent ministers of the Saudi government and dozens of former government ministers.
The arrests took place just hours after Saudi ruler King Salman decreed the creation of a powerful new anti-corruption committee led by his son and heir, Crown Prince Mohammed bin Salman.
Following the arrests, Brent crude jumped to $64.27, which is the highest levels in over two years.