RIYADH – Saudi Arabia has allocated nearly SR68.4 billion for the development of its infrastructure over the past 10 years. Figures published this week by the Saudi Arabian Monetary Agency (SAMA), the country's central bank, showed allocations for infrastructure during 2004-2013 accounted for only around 1.2 percent of the total budgeted spending of nearly SR4,740 billion and around 4.3 percent of the total budgeted capital expenditure of SR1,566 billion. Analysts said the actual infrastructure budget could be 10-20 percent higher than the budget allocations in line with a similar increase in overall actual expenditure by the largest Arab economy and the world's dominant oil supplier. “SAMA's figures show that last year the actual capital spending stood at around SR261 billion...our projections for this year show it could reach one of its highest levels of SR317 billion,” SAMA Group said its November chart book on Saudi Arabia. In its bulletin for the third quarter, SAMA gave no figures for overall actual expenditure in 2013 but the finance ministry, which unveiled the 2014 budget this week, put actual spending for this year at SR925 billion, nearly 13 percent above the budgeted SR820-billion. This means actual spending during 2004-2013 reached SR5,570 billion, nearly 17 percent above the 10-year budgeted spending. Actual capital spending is also estimated at SR1,654 billion during 2004-2013, nearly 5.6 percent above the budget allocations. Despite higher spending, Saudi Arabia has basked in a large fiscal surplus in the past decade except in 2009, when the budget recorded a deficit of SR86.6 billion after a sharp decline in oil prices. The surplus stood at SR374 billion in 2012, the second highest after the 2008 record surplus of nearly SR589.0 billion ($155 billion). In 2013 it was put at SR198 billion. — Agencies
