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Tuesday, October 3, 2023

Saudi Arabia boosts spending in 2019 budget

(Riyadh) – The Saudi Council of Ministers, chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, has approved the largest budget in the Kingdom’s history with SAR1.106 trillion spending in 2019, approximately 7 percent higher than the projected expenditure by the end of the fiscal year 2018.

This came in a session held at Al Yamamah Palace in Riyadh on Tuesday, where the King said, “We here announce the budget for the fiscal year 2019 as the largest budget in the history of the Kingdom of Saudi Arabia, which aims to support economic growth in the Kingdom, raise the efficiency of spending and achieve sustainability and financial stability within the objectives of the Kingdom Vision 2030,” according to the Saudi Press Agency.

“We are determined, with God’s help, to move forward along the road of economic reform, controlling fiscal management, promoting transparency, empowering the private sector and ensuring distinguished services are provided to citizens,” the King added.

“Spending in this budget is SAR1.106 trillion, approximately 7 percent higher than the projected expenditure by the end of fiscal year 2018. Revenues come in at SAR975 billion, an increase of 9 percent over expected revenue by the end of 2018. In line with government policy, this budget focuses on providing basic services for citizens and developing government services.

“Our first concern is to continue working towards achieving comprehensive development in all regions of the Kingdom and in all fields as well. Your government will continue its efforts to achieve this. We have directed ministers and officials to quickly implement the budget programmes and projects.”

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