The Cabinet in its session chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud at Al-Yamamah Palace in Riyadh on Monday approved the State's general budget for the new fiscal year 1437/1438 AH. The session began with a recitation of verses from the Holy Quran. The Custodian of the Two Holy Mosques addressed the following speech to citizens in which he announced the budget: In the name of Allah, the Most Gracious, the Most Compassionate, Praise be to Allah and peace and blessings be upon our Prophet Muhammad, his family and companions, My brothers and sisters, male and female citizens, May Allah's peace, mercy and blessings be upon you. With the help and guidance of Allah Almighty, we announce today the budget for the fiscal year 1437/1438 AH, which comes in light of the decrease in oil prices and economic, and financial regional and international challenges, where the global economic growth declined from the previous levels, and the lack of stability in some neighboring countries. We direct officials to take this into consideration and give priority to complete the implementation of projects approved in previous budgets, many of which have been under execution. Brothers and Sisters: We praise Allah Almighty for what has been achieved during the past years of construction and development, and our ambitions are grea , and our economy has potentialities and capabilities enabling it to meet the challenges. --More 17:04 LOCAL TIME 14:04 GMT تغريد
