Following is the full text of the press release issued here today by the Ministry of Finance on the National Budget for the fiscal year (FY) 1432-1433H (2011). "Actual Outcome of Fiscal Year 1431/1432 (2010): The Ministry of Finance projects actual revenue to be SR 735 (US $196) billions in 2010 and actual expenditure to be SR 626.5 (US $167.1) billions. Increases in actual over budgeted expenditures in 2010 of SR 86.5 (US $23.1) billions reflect increases in expenditures as a result of the 13th month salary, increase in expenditures on projects in the Two Holy Mosques and other Mashair, implementation of new compensation system for universities faculty, adjustment in military salaries, and the cost of increased admission to universities as well as abroad scholarship program. Total number of government projects signed with the private sector in 2010 were 2460 with a total value of more than SR 182.5 (US $48.7) billions, an increase of 26 percent over 2009. Preliminary estimates indicate that the value of public debt will decline from SR 225 (US $60) billions at the end of 2009 to SR 167 (US $44.5) at the end of 2010, which represents (10.2) percent of projected GDP for 2010. The stock of debt is totally domestic. --More
