By: Mohamed Idris
Riyadh - Mubasher: Data of the Saudi public budget for the fiscal year 2016 showed a deficit of around SAR 297 billion, as revenues totalled SAR 528 billion, while expenditure totalled SAR 825 billion.
As for the 2017 budget, the finance ministry estimates revenues of SAR 692 billion, and expenditures of SAR 890 billion, which means an estimated budget deficit of SAR 198 billion.
Estimated public expenditure in 2017 increased by SAR 65 billion compared to actual expenditure in last year.
Public debt totalled SAR 316.5 billion, as local debt reached SAR 213.4 billion, while foreign debt recorded SAR 103.1 billion for 2016.
The ministry of finance expects debt service at SAR 5.4 to be paid this year, while it is expected to reach SAR 9.2 in the upcoming year.
The Saudi King said in a speech on Thursday that the Saudi economy is strong and stable, adding that the kingdom is determined to achieve the National Transformation Program.
