22:06 GMT +319 March 2019
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    Riyadh Skyline showing the King Abdullah Financial District (KAFD) and the famous Kingdom Tower

    Saudi Arabia Adopts Biggest Budget in History With Expenditure at Over $294Bln

    CC BY-SA 4.0 / B.alotaby / Riyadh Skyline
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    CAIRO (Sputnik) - The government of Saudi Arabia has approved the largest budget in the history of the kingdom with revenues of 975 billion Saudi riyals (about $215 billion), Saudi King Salman bin Abdulaziz Al Saud said on Tuesday.

    "[This budget] is the largest budget in the history of the Kingdom of Saudi Arabia. Its goal is to support economic growth, increase cost effectiveness and achieve sustainability and financial stability within the framework of Vision 2030 goals," Abdulaziz said.

    READ MORE: Canada Looking to End Arms Contract With Saudis Amid Khashoggi Case — Trudeau

    The expenditure part of the budget amounted to 1106 trillion riyals ($294.8 billion), whereas the budget deficit was estimated at 131 billion Saudi riyals ($34.92 billion).

    The budget was adopted for the fiscal year 1440-1441 (2019), according to the Islamic Hijri calendar, which started on September 11, 2018.

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    Tags:
    economic growth, budget, Majed Abdulaziz al-Saud, Saudi Arabia
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