20 Economic Summit held in London to counter the consequences of the crisis. We thank Allah Almighty that we have not been severely affected by this crisis. This is attributed to the strength of our financial and economic systems, with the grace of Allah. We overcame the crisis with the least possible losses and we did not stop creating a suitable environment for the contribution and growth of the private sector and making it a strategic partner in the overall development process. Dear Brothers: The Kingdom has continued its moderate approach towards the global oil situation and sought, in the wake of the global economic and financial crisis, to minimize the impact of the crisis on the stability of oil markets and the interests of producing and consuming countries alike. This policy has resulted in reducing the adverse fluctuations in prices and participated to increasing the state's income of oil compared with the budget estimates. We will pursue the approach of moderation, maintain the oil wealth and use it the best we can for the benefit of present and future generations. Dear Brothers: The budget for the new fiscal year 1431/1432H. was announced. The total spending amounted to SR 540 billion, an increase by 14% over the last year. This budget represents a continuation of the approach followed by your state to prioritize human development and increase its efficiency. Therefore, more than SR 137 billion was allocated for the public and higher education and manpower training sector, an increase by 13% compared with the last year allocation; SR 61 billion for the health services and social development sector, an increase by 17%; SR 46 billion for the sectors of water, industry and agriculture, an increase by 30%; SR 23 billion for the transport and communications sector, an increase by 24%; and SR 21 billion for the municipality service sector. --More
