(MENAFN - Arab Times) Saudi Arabia is predicted to achieve a budget surplus of nearly SR259.5 billion in the fiscal year 1434-1435H (2013), local media said quoting a report by the International Monetary Fund (IMF).
According to the IMF report, Saudi total revenues are poised to reach SR1.26 trillion (335 billion) whereas total spending is to touch SR996 billion (266 billion)
The Kingdom's budget realized the biggest surplus in its history in 2012 (1433-1434H) where revenues stood at SR1.24 trillion and spending at SR873 billion, or a surplus of SR384 billion, the media said
Based on the IMF estimates, the Kingdom is prepared to continue achieving surpluses until the year 2017
Total financial surpluses are predicted to accumulate SR842 billion in the period covering 2014-2017, the IMF report said
The oil revenues reportedly averaged more than 90 percent of the Kingdom's total income in the last three years
Oil revenues formed 90.4 percent, 92.5 percent and 91.8 percent of the total revenues in 2010, 2011 and 2012, respectively, the report said.