(MENAFN - Arab News) The government has allocated SR250 billion for constructing 500,000 low-cost housing units across the Kingdom, Finance Minister Ibrahim Al-Assaf said on Monday. "This project has nothing to do with annual budgets," he added.
Speaking to Saudi Arabian Television Channel One, Al-Assaf said: "Every year we sign new contracts for constructing housing units and payments for them are made from the SR250 billion allocated for the purpose. This project will not be affected by any negative developments."
A Royal Decree has been issued instructing authorities to transfer the surplus from the 2014 budget to state reserves. The finance minister has been authorized to take loans or transfer from reserves as per requirements, especially to pay public debts and cover deficit.
The budget estimated the total municipal expenditures in 2014 at SR37.54 billion and revenue at SR4.44 billion. The rest, SR33.1 billion, will be allocated from the budget.
The budget estimated the revenue of Saudi Ports Authority at SR4.074 billion and expenditure at SR1.75 billion while the revenue and expenditure of Saudi Arabian Airlines at SR26.59 billion.
The projected revenue and expenditure for the General Organization for Grain Silos and Flourmills are SR1.85 billion and SR2.48 billion respectively.
Budget allocations for other organizations were:
Saline Water Conversion Corporation: SR16.57 billion; Saudi Railway Organization SR1.87 billion; Royal Commission for Jubail and Yanbu SR9 billion; Saudi Standards Organization SR396 million; SAGIA SR308 million; King Saud University SR9.54 billion; King Abdulaziz University SR5.98 billion; King Fahd University of Petroleum and Minerals SR1.39 billion; Imam University SR4.11 billion and Madinah Islamic University SR1 billion.
Allocations for other universities were: King Faisal SR2.29 billion; Umm Al-Qura SR2.82 billion; King Khaled SR3.72 billion; Taibah SR2.23 billion; Qassim SR2.56 billion; Taif SR2 billion; Jazan SR1.85 billion; Al-Jouf SR1.45 billion; Hail SR1.36 billion; Tabuk SR1.36 billion; Baha SR997 million; Najran SR1.17 billion; Northern Border SR1 billion; Princess Nora SR2.6 billion; Dammam SR3.2 billion; Prince Salman SR1.3 billion; Majmaa SR959 million; Shaqra SR1 billion; and Saudi Electronic University SR378 million.