Finance Minister Ibrahim Al-Assaf said on Tuesday that Saudi Arabia will overspend its budget by up to 15 percent this year due to supplementary spending on construction and job-creation measures.
“Because of decrees issued by (Custodian of the Two Holy Mosques) King Abdullah, there will be additional spending,” Reuters quoted Al-Assaf as telling reporters following the inauguration of the Euromoney Saudi Arabia Conference in Riyadh.
He predicted overspending would be between 10 and 15 percent and stressed an earlier forecast that Saudi economic growth this year would exceed 4 percent, up from 3.8 percent growth last year.
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