Government spending on infrastructure projects will increase tremendously in the coming years, says Minister of Finance Dr. Ibrahim Al-Assaf. "This is a positive indicator of the Kingdom's economic development and will have positive effect on the citizens," the minister told Arab News. Al-Assaf underlined the role of oil prices in determining the Kingdom's national budget. "Oil prices and spending on development projects control the budget," he pointed out. He said the budget allocations made for infrastructure projects would be spent not only this year but also in many years to come. The minister's statement came after oil prices rose to $50 per barrel in the international market, the highest in 20 years. He hoped that the Kingdom would be able to pay off its public debts within a short span by paying a specified amount every year. --MORE 1151 Local Time 0851 GMT
