oil sector is expected to increase by (3.6) percent in 1428/1429H (2008) over the previous year. The Finance Minister said that the initial projections on the public debt indicate that the net public debt will fall at the end of the current fiscal year 1428/1429H (2008) to SR 237,000,000,000 by (13.5) percent of GDP expected for the current fiscal year compared to (18.7) percent at the end of the previous fiscal year 1427/1428H (2007). He pointed out that the initial estimates of the Saudi Arabian Monetary Agency indicate that the balance of trade will achieve this year a surplus of SR 820,200,000,000, an increase of (45.8) percent over the previous year. The current account of balance of payments is expected to achieve a surplus of SR 564,800,000,000 in the fiscal year 1428/1429H (2008), an increase of (59.4) percent over the pervious year which was SR 354,300,000,000. The Minister of Finance said that the Custodian of the Two Holy Mosques directed that the budget shall include more appropriations and projects than what has been approved in the current budget. The directives focused on the development projects that will provide career opportunities for citizens. When preparing the budget, consideration was taken to invest financial resources in a way that achieves the requirements of comprehensive and sustainable development. Also, the budget prioritized the services that directly concern the citizens such as health, educational, social and municipal services; water and sanitation; roads; and electronic transactions. The budget included new development projects in all regions of the Kingdom to support scientific research through science and technology plan and infrastructure projects. --More
