Saudi 'austere' budget outsources spending to PIF, leaves room for debt | Reuters
Saudi Arabia will increasingly rely on its $450 billion PIF sovereign wealth fund to drive an ambitious spending push, keeping the government's books relatively clear while leaving room to increase debt if needed.
The world's top oil exporter said on Sunday it expects to post its first budget surplus in nearly a decade next year by keeping a tight rein on the public purse strings while revenues roll in, boosted by higher crude prices. read more
Among other measures, the budget foresees an 18.2% fall in capital expenditure compared to estimates for this year.
Announcing it, Finance Minister Mohammed al-Jadaan said: "If reserves are at adequate levels ... the surplus will go to National Development Fund to finance the private sector and to PIF for investments."
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