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 1431 - 1432 H. estimating revenues at SR470,000,000,000 and approving expenditures at SR 540,000,000,000. The decrees said: Revenues shall be levied according to financial regulations and be deposited all at a current account of the Ministry of Finance at Saudi Arabian Monetary Agency. 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 1424 to 1428 H. Expenditures are disbursed according to the budget and relevant instructions. Had the budget yielded a surplus, the authorities shall transfer it to the state 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 state reserves, as deemed necessary, to settle public debt and cover the budget deficit. --More
