Saudi budget prioritizes citizens with education, development funds - Al Arabiya News

Saudi budget prioritizes citizens with education, development funds - Al Arabiya News:

"Saudi Arabia unveiled on Monday its general budget for the fiscal year 2016 with total revenues estimated at SR513.8 billion ($136.9 billion), expenditures budgeted at SR840 billion and fiscal shortfall projected at SR326.2 billion.

Education and training received the highest allocation of SR191.659 billion, followed by health and social development with an allocation of SR104.864 billion. Other allocations included municipality services (SR21.246 billion), military and security services (SR213.367 billion), infrastructure and transportation (SR23.903 billion), economic resources (SR78.121 billion), public administration (SR23.840 billion), and budget support provision (SR183 billion).

Due to the recent excessive volatility of oil prices and to address potentially declining revenues, a budget support provision of SR183 billion has been established to offer increased flexibility to redirect capital expenditures and operating expenditures on both ongoing and new projects according to national developmental priorities and to meet any emerging expenditure needs in line with mechanisms and procedures of relevant royal decrees, said the Finance Ministry in a press release."



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