saudi arabia projects budget deficit for fifth year in row
Last Updated : GMT 07:25:12
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 07:25:12
Arab Today, arab today

Saudi Arabia projects budget deficit for fifth year in row

Arab Today, arab today

Arab Today, arab today Saudi Arabia projects budget deficit for fifth year in row

Saudi Arabia said on Tuesday it expects to post a budget deficit for the fifth year in a row in 2018, forecasting a
Riyadh - Arab Today

Saudi Arabia said on Tuesday it expects to post a budget deficit for the fifth year in a row in 2018, forecasting a shortfall of $52 billion due to low oil prices.

Revenues are estimated to be 783 billion riyals ($208.8 billion) and spending is expected to be 978 billion riyals ($260.8 billion), the highest in the oil-rich kingdom's history, according to official statements carried by Saudi TV.

The new budget was announced during a cabinet meeting chaired by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia who said the world's top oil exporter would "continue to decrease its dependence on oil to reach just 50 per cent" of total revenues.

The Saudi finance ministry said the budget deficit for 2017 came in at $61.3 billion, higher than the expected $53 billion but still lower than the $82 billion shortfall in the previous year.

 



Actual revenues for the current fiscal year rose by a healthy 34 per cent compared with 2016 to $185.6 billion due a sharp hike in both oil and non-oil revenues.

The kingdom has posted a budget deficit every year since 2014 when the price of oil, which contributed about 90 per cent of revenues, crashed.

Riyadh has resorted to a string of austerity measures to contain spending and imposed a variety of subsidy cuts and rises in prices of services

Source : timesofoman

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi arabia projects budget deficit for fifth year in row saudi arabia projects budget deficit for fifth year in row

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi arabia projects budget deficit for fifth year in row saudi arabia projects budget deficit for fifth year in row

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 03:28 2017 Saturday ,30 December

Yemen's Army achieved nitable advance in provinces

GMT 08:46 2017 Thursday ,07 December

Dalal Abdel Aziz happy for honoring husband

GMT 13:30 2016 Tuesday ,02 February

First women only Sports Journalist Forum opens

GMT 10:51 2017 Thursday ,09 February

Nelly Karim presents new role in "Bashtree Ragel"

GMT 09:32 2016 Wednesday ,19 October

South China Sea looms over Duterte visit to Beijing

GMT 23:54 2018 Wednesday ,17 January

India, Israel have anti-Islam nexus: Asif

GMT 13:18 2018 Tuesday ,16 January

Emirates Auction launches the first online auction

GMT 03:41 2018 Thursday ,11 January

Michael Douglas, James Franco deny

GMT 17:26 2017 Sunday ,31 December

AWST 2018 introduces three new trophies

GMT 02:13 2017 Tuesday ,24 October

Feb20/Mar20

GMT 16:23 2016 Thursday ,17 November

Germany's new-boys Leipzig eye history in Leverkusen

GMT 06:58 2017 Thursday ,02 November

Apple aims to work its magic

GMT 11:31 2017 Saturday ,22 April

Cultural icons complement ancient Spain’s focus

GMT 14:42 2016 Wednesday ,17 August

Ford and Baidu invest in self-driving car sensor firm

GMT 04:14 2017 Thursday ,21 September

Brazil exPresident Lula appears in court

GMT 00:51 2017 Wednesday ,04 January

Dollar exchange rate down in major banks

GMT 12:49 2017 Saturday ,26 August

Borussia Dortmund’s Dembele to join FC Barcelona

GMT 11:55 2016 Tuesday ,22 November

Canada to phase out coal power

GMT 17:33 2017 Wednesday ,04 October

Sydney, Melbourne warned to prepare for 50-degree days

GMT 14:35 2017 Thursday ,19 January

Naidu comes to the defence of 'Dangal' actress Zaira
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday