Saudi Arabia Unveils Record 2015 Spending Amid Falling Oil Prices

The Saudi budget for 2015 will focus on infrastructure, education, health, security and social and municipal services. Back in September, the IMF warned that Saudi Arabia, the world's largest oil exporter, may post a budget deficit if oil prices keep dropping.

MOSCOW, December 25 (Sputnik) — Saudi Arabia has adopted a budget for 2015 with total expenditures projected at almost $230 billion, which is approximately $2 billion higher than last year, the Ministry of Finance said in a press release Thursday.

"The budget will continue to focus on priority investment programs that enhance sustainable and strong economic development and employment opportunities for Saudis," the press release reads.

The budget will focus on infrastructure, education, health, security and social and municipal services, according to the press release.

Revenues for 2015 are estimated at more than $190 billion, which is approximately $37 billion lower than estimated for 2014, the ministry said.

Back in September, the International Monetary Fund (IMF) warned that Saudi Arabia, the world's largest oil exporter, may post a budget deficit if oil prices keep dropping. The IMF has also urged the country to reduce spending and refrain from going ahead with a number of costly projects.

Earlier in December, Saudi Arabia's Finance Minister Ibrahim Assaf noted that reserves accumulated by the country over the years would allow the country to overcome any economic challenges.

Oil prices have been declining since the summer amid oversupply in the market. Prices dropped further after the Organization of the Petroleum Exporting Countries (OPEC), whose 12 member states account for some 40 percent of world oil output, decided not cut production in late November.