Saudi- Defense spending boost 'vital to meet challenges in region'

(MENAFN- Arab News) RIYADH: Prominent Saudis from various sections of society welcomed the national budget presented on Monday describing the announcement as balanced and based on solid foundations supporting ongoing development projects in various stages across the Kingdom.

The Cabinet chaired by Custodian of the Two Holy Mosques King Salman at Al-Yamamah Palace approved the General Budget for the new fiscal year 1437/1438 AH.
Welcoming the announcements in the general budget Mohammed Alkhnessi a senior member of the Shoura Council told Arab News: 'The expenditure for the current fiscal year is SR975 billion representing an increase of 13 percent of the estimated budgeted spending which is good signifying the intention of the government to continue supporting the ongoing development projects like in education health and the transport sectors.'
He said that the government has substantially increased the defense expenditure which is significant keeping in view the security challenges in the Gulf region especially when the Kingdom is fighting to restore peace in the region.
Notably the budget plan released by the Finance Ministry at the press conference allocated SR213 billion to the military and security services the largest single allocation which is estimated to be about 25 percent of the total budget.
Alkhnessi also praised the government for significant allocations toward human resources development that will further help in streamlining the labor market with the Saudi youth joining the job market on large scale.
He said King Salman has assured that the higher committee will work to this end in order to ensure greater Saudi youth's participation in the job market.
'It is a very balanced budget to ensure continued development in the Kingdom' he said.
Describing it as a fair and balanced budget Majed Abdullah AliHedayan a specialist consultant on legal affairs at Riyadh Chamber of Commerce and Industry (RCCI) said that by assuring to continue with the development projects the government confirmed their commitment toward further strengthening Saudi economy.
'Under the present circumstances when we are spending for a safe secure and peaceful society with ongoing rapid developments and fighting a war against terrorism it is indeed a progressive budget which would benefit the country and the people' he said.
He also applauded the announcements toward encouraging the private sector in order to diversify Saudi economy to reduce dependence on traditional revenue sources.
'It is good the challenges comes with the opportunities to create more avenues for the youth thus further strengthen the national economy' he said.
Mona Salahuddin AlMunajjed a prominent sociologist and writer welcomed the new budget announcement saying the initiatives in Monday's budget to continue with development projects especially in health and education sector is commendable as it will help the youth to fulfill their aspirations thus shaping the future bright and beautiful for the beloved Kingdom.
Hopefully the continuation with the development projects will assure a good budget for the local bodies where the women have been elected for the first time and they would also contribute in the society which is good for woman emancipation she said. 'It is a good sign that the current development projects would continue under the new budget' she underlined adding that the services such as health and education are being given priorities as in the past despite the falling oil prices and budget deficit.
Mohammad Zeyad a management graduate working here described the budget as 'very positive' saying despite tough circumstances it has taken full care of public grievances and social welfare and to serve the citizens in the right earnest by improving services at the same time contributing to the sustainability of strong public finances.