The Ministry of Finance issued today the following statement on the occasion of the issuance of the National Budget for the fiscal year 1430/1431 H. The statement said: The following are highlights of the actual outcome for fiscal year 1428/1429 (2008), the 1430/1431 (2009) budget, and recent economic developments in the Kingdom of Saudi Arabia. Actual Outcome of Fiscal Year 1428/1429 (2008) The Ministry of Finance projects revenue to reach SR 1100 (US$293.3 billions in 2008 and expenditure to reach SR 510 (US $136) billions. There were increases in expenditure on some projects in the Two Holy Mosques and other Mashair, food subsidies, allowance for costs of living increase, and increases in admission to universities and scholarship program. Total number of government projects signed with the private sector in 2008 were (2500) with a total value of about SR 120 (US $32) billions. Preliminary estimates indicate that public debt will drop to around SR 237 (US $32) billions at the end of fiscal year (2008) which represents (13.5) per cent of projected GDP for 2008 compared with (18.7) percent last year. The stock of debt is totally domestic. --More
