KING SALMAN ANNOUNCED LARGEST BUDGET IN THE HISTORY OF SAUDI ARABIA
Saudi Arabia's King Salman announced the largest budget spending history for the year 2018 in the Kingdom, As per Estimation the expenditure will be 978 Billion Saudi Riyals said King during the annual budget announcement.
Crown Prince Mohammed Bin Salman said improving the living standard of citizens and diversifying the economy is our aim. According to the estimation, Saudi economy is expected a growth of 2.7% in the year 2018.
- Saudi Vision 2030 reform plans already produced beneficial results in this year, King said 12 more programs are launched in it, which will reduce Saudi dependence on oil, Crown prince said there will be reduction of 8% in GDP (Gross Domestic Product) for the next year(2018).
- Saudi aims to improve the financial ability by simulating the private sector in order to generate more jobs, which makes the largest budget for Saudi Arabia in its history.
- In the year 2017, The budget for Saudi Arabia was 890 Billion Saudi Riyals, The deficit is expected to stand at around 195 Billion Saudi Riyals for the year, That compares to 198 Billion Saudi Riyals forecast in the last budget.
- Estimated expenses for public institutions will be 112 Billion Saudi Riyals for the year 2018, revenues in 2018 are projected at 783 Billion Saudi Riyals, While in the current year 2017 it is 692 Billion Saudi Riyals as per forecast.
- Saudi to set 20% of amount, 192 Billion Saudi Riyals expenditure on education, and On military 210 billion Saudi Riyals which is 21% of budget and for the health sector it is 15% that is 147 Billion Saudi Riyals.