(MENAFN) Saudi Arabia's Finance Ministry said that the country plans to continue with its spending on development projects and social benefits in its 2015 budget despite the continuous fall in oil prices, Gulf Business reported.
The budget of the world's top oil exporter, which is believed to need an average crude price above USD90 a barrel to keep it balanced this year, is expected to forecast a deficit in it for next year for the first time since 2009.
Saudi Arabia, which refused to cut its oil production levels and was part of OPEC's decision to keep the organization's levels at their usual levels, said that the country's net foreign assets of USD734 billion would help it in continuing to work on its huge infrastructure projects in the 2015 budget and beyond.
Alassaf said the, which helped build up net foreign assets of $734 billion when oil prices were high in the last few years, would continue
"The Kingdom's "counter-cyclical" fiscal policy will enable the government to continue carrying out massive development projects and spending on development programs, particularly in the sectors of health, education and social services, and not affect the spending on the military and Saudi security," The Saudi Minister of Finance said.
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