Saudi Arabia passes largest state budget

RIYADH, Dec. 18 (Xinhua) -- Saudi cabinet passed on Tuesday the largest state budget ever with a record spending of 1.106 trillion Saudi riyals (294.85 billion U.S. dollars), a 7.3 per cent growth rate compared to 2018, Al Arabiya TV reported.

Saudi Minister of Finance, Awad Saleh Al Awad, highlighted that the expected revenues in 2019 are estimated at 975 billion riyals with a nine per cent growth rate compared to 2018.

The deficit is expected to decline 4.2 per cent in 2019, reaching 131 billion riyals while public debt will get 678 billion riyals, constituting 21.7 per cent of the Gross Domestic Product (GDP).

Reserves are expected to reach 496 billion riyals and would constitute 15.9 per cent of the GDP.