The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud has issued here today three royal decrees on the state's budget for the fiscal year 1434 -1435 H. The First Decree estimates revenues at SR (829,000,000,000) eight hundred and twenty nine billion riyals and approves expenditures at SR (820,000,000,000) eight hundred and twenty billion riyals. The decree said: Revenues shall be levied according to financial regulations and be deposited all at the current account of the Ministry of Finance at Saudi Arabian Monetary Agency (SAMA). The Minister of Finance is authorized to add the required amounts for expenditures on the projects financed from the surpluses of the fiscal years extending from 1424H to 1433H. Expenditures are disbursed according to the budget and relevant instructions. Had the budget yielded a surplus, the authorities shall transfer it to the states reserves. No withdrawals are allowed from it unless they are authorized by a royal decree in cases of maximum necessity relating to the state's higher interests. The Minister of Finance is authorized to borrow and transfer from the states reserves, as deemed necessary, to settle public debt and cover the budget deficit. --More
