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.