Saudi Arabia

Saudi Arabia’s General Budget 2017 to be Announced on December 12

Saudi Arabia’s general budget for fiscal year 2017 will be announced on Dec 12, 2016, local daily Al-Watan reported on Tuesday.

According to sources, the government plans to increase fuel prices by 40% and electricity tariffs by about 20%.

According to figures released by a number of Saudi banks and regional research centers, the deficit in the current budget has reached $68 billion (SR258.75 billion). Revenues reached $137 billion (SR648.75 billion) and expenditure $205 billion (SR768.75 billion).

They said the projected deficit was $17 billion (SR67.5 billion) less than the deficit projected by the government which was $87 billion (SR326.25 billion).

To face the projected deficit, the government has collected funds of about $17.5 billion (SR65.6 billion) from its first international bonds valued in US dollars.

The Ministry of Finance late last November said the general debt reached $91.3 billion (SR324.4 billion) in September.

The budget is likely to show that the Kingdom has shrunk the deficit caused by cheap oil faster than expected.

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