Saudi Arabia’s General Budget 2017 Will Be Announced in 22/12/2016.

The Kingdom’s general budget for fiscal year 2017 will be announced on Thursday at 22/12/2016, local daily Al-Watan reported on Tuesday.

The sources expect the government 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.