Saudi energy minister: Budget allocates SAR 33 bln to energy, industry, mining

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Saudi Arabia’s 2019 budget allocates 33 billion riyals ($8.8 billion) for the energy, industry, mining and logistics sectors, oil minister Khalid al-Falih said in a tweet on Wednesday.

That is more than three times the amount allocated in the previous budget, he said. On Tuesday, Saudi Arabia released figures pertaining to its 2019 budget, which revealed a record spending worth 1.106 trillion Saudi riyals which is a 7.3 percent growth rate compared to 2018.

According to figures announced by the Saudi Ministry of Finance, the expected revenues in 2019 are estimated at 975 billion riyals with a nine percent growth rate compared to 2018.

The Ministry of Finance expects deficit to decline by 4.2 percent in 2019 hence reaching 131 billion riyals while public debt will reach 678 billion riyals and constitute 21.7 percent of the Gross Domestic Product (GDP). Reserves are expected to reach 496 billion riyals and would constitute 15.9 percent of the GDP.

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