(MENAFN) Saudi Arabia announced that it expects to register USD38.6 billion in deficit in its budget for 2015 due to the sharp decline in oil prices, though it also plans to raise its public spending nonetheless, Arab News reported
According to the new budget for 2015, which was approved by the cabinet, public spending for 2015 is projected at USD229.3 billion, which is slightly higher compared with USD227.71 billion planned for this year, while expecting that revenues will reach USD190.7 billion, a decline by USD37.28 billion in comparison to the estimated revenue for this year.
The budget deficit projected by Saudi Arabia is the first one which the kingdom will register since 2011 and the largest ever for the Kingdom and it is the result of the continuous decline in oil prices as oil makes up more than 90 percent of public income in Saudi Arabia.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.