Off the wire
• Afghanistan's new building of defense ministry opens  • Hainan to raise duty-free ceiling to boost spending  • 253 cartons of contraband cigarettes seized in Singapore  • Largest underground railway station in Asia to open  • Companies ordered to employ veterans amid troops cut  • News analysis: Pakistan says diplomatic efforts for Afghan peace process revival set in motion  • Russia not fights IS militants in Syria: Turkish presidential spokesman  • German manufacturers plan to invest 6 pct more in 2016: survey  • China to maintain prudent monetary policy: central bank  • VAT reform to go across all industries in 2016  
You are here: 　 Home

Saudi Arabia passes 2016 budget with $86 bln deficit

Xinhua, December 28, 2015 Adjust font size:

Saudi Arabia on Monday passed its budget of 2016 with 86 billion U.S. dollars deficit that will be covered from internal and external loans, Al Arabiya News reported.

The budget takes into account the economic growth by keeping the expenditure at 223.9 billion dollars and the revenues at 136.953 billion.

The Saudi Finance Ministry said in a statement on its website that loans are aimed to avoid effecting the cash flow in the banking sector.

Meanwhile, Al Eqtisadiya business news website said the non-oil revenues have grown by 43 billion dollars, which reduces the financial pressure of the dropping oil prices in the oil-rich country.

This is the second year Saudi Arabia has passed its budget with deficit after years of surpluses.

Saudi King Salman bin Abdulaziz Al Saudi said last week that the oil prices won't be an issue as the country can survive with years of money reserves.

This assurances came while the country has been leading a war against the Houthi rebels in Yemen for months and recently formed an Islamic alliance to fight terrorism.

In the 2015 budget, Saudi Arabia allocated 56 billion dollars for the military sectors. Endit