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.
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Businessmen tortured in UAE
- State of the Arab World Economy report 2016: diversify, tax, slash subsidies
- Arab investors won't dump the Trump despite anti-Muslim remarks
- UAE economy minister projects high growth despite oil prices
- Saudi Arabia Adopts Balanced Budget for First Time in 15 Years due to Oil Bonanza
- Saudi budget deficit estimated at $5 billion for 2002
- Saudi Arabia allocates $7 billion to spend on water related projects in 2013
- Saudi Arabia earns $2.5 billion per year from every dollar rise of oil prices
- Yemen announces new employment budget