Determined to push past global economic crises and spiraling political unrest in the Middle East, Saudi Arabia’s recently announced all-time high expenditure plan is part of a strategy to bolster the Kingdom’s economic solidity.
Saudi Arabia’s council of ministers on Saturday agreed a record budget for 2013 with revenues expected to hit 820 billion riyals ($219 billion).
“This is not a surprise level of spending the Kingdom is committing to, this is all relative – to maintain 2012’s pace of growth, given that the government has been on an expansionary stance since 2011. This will help the Kingdom to cushion any blow coming from global weakness,” Said Hirsh of Capital Economics told Al Arabiya English on Thursday.
Big Spender: Saudi Arabia upholds high budget
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