(MENAFN) Saudi Arabia will allocate a total of USD60 billion annually for defense and security, according to a forecast issued by IHS Aerospace for Defense & Security, Gulf News reported.
The previous allocation stood at USD49 billion. The new figure will be implemented on a yearly basis until 2020, making the Kingdom stand as the fifth-largest spender in the world by that time.
The new allocation, despite enjoying a commendable outlook, will produce a hefty impact upon the country's fiscal position, according to analysts' forecasts.
"Despite Saudi Arabia's heavy exposure to oil price fluctuations, there have been very few signs of any severe reactionary adjustments to government spending trends," an official from IHS said.
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.