Riyadh-Mubasher: Saudi Arabia’s public spending reached SAR 974 billion in 2015, and when excluding the SAR 120 billion bonus offered by Saudi King Salman to employees and university students, the spending will reach the level declared by the government early this year, said economist Fadhel Al-Buainain.
FY15 budget deficit reached SAR 367 billion, higher than the figure announced by the government in early 2015 but lower than estimate of some experts at SAR 450 billion, Al-Buainain told Mubasher U Programme on UFM Radio.
He added that the government fulfilled the promises announced by the King in Shura Council about maintaining public spending and boosting growth rate.
The budget of 2016 is ‘transitional’, especially as the government allocated SAR 180 billion out of the total spending reaching SAR 840 billion for investments, Al-Buainain said.
The economist indicated that if oil prices rise, the government will be committed to such spending. However, if prices continue falling, the government will not be committed to the investment spending in order not to incur additional deficit.
Translated by Abdul Maguid Aboshahla
