The new state budget has come at a time of “different world circumstances” to ensure the continued development of the Kingdom and its infrastructure, said Ibrahim Al-Assaf, Minister of Finance. The budget embarks on development projects worth SR260 billion as opposed to SR225 billion in last year's budget, an increase of 16 percent, he said. The SR70 billion deficit will be reduced when oil prices improve, he said. When asked about the future projection of oil prices, he said, “We are always conservative with state revenue for fiscal years, but we would not mind any increase.”
