Saudi Arabia: 2011 budget to reach 154.7 billion dollars
The Kingdom of Saudi Arabia, the largest oil exporter in the world, has announced the 2011 budget spending will reach 580 billion riyals (154.7 billion dollars) while income is projected at 540 billion riyals.
Saudi Arabia, the largest Arab economy, and a member of the G-20, said the focus of the 2011 budget will be placed on development projects that enhance the sustainability of growth and long-term development, thus increasing employment opportunities for its citizens. It is set to spend 256 billion riyals on new projects and additional phases of some projects which had already been adopted.
Saudi Arabia has committed to the education sector and training of manpower 150 billion riyals say about 26 percent of approved expenditures in the budget, an increase of 8 percent compared to 2010. The kingdom also allocated to the health services sector and social development around 68.7 billion riyals, say a 12 percent rise compared to 2010.
Saudi Arabia is expected to decrease the size of its public debt by the end of this year to 167 billion rials, equivalent to 10.2% of the volume of gross domestic product for the same year, compared with 225 billion riyals a year earlier.
- Malnourished economy: global hunger leading to $2 trillion loss in world GDP
- Going green: UAE looks to save Dh6.98b a year by 2030 with renewable energy
- Diversify and dump the slump in the GCC
- Supervising the stoners: Egyptian tobacco traders call for the legalization of cannabis
- Frozen: Arab Spring economies barely trading with one another