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Saudi Budget Ushers in the Era of Income Diversity | ASHARQ AL-AWSAT English Archive 2005 -2017
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King Salman bin Abdulaziz

King Salman bin Abdulaziz

King Salman bin Abdulaziz

King Salman bin Abdulaziz directs the Economic and Development Council: By launching a comprehensive reform program of a 840 billion SAR worth of expenses and a 513 SAR worth return in revenue, all in a plan of regulating both water and power consumption.

On Monday, Saudi Arabia announced its national budget for 2016, with 840 SAR billion worth of expenses, with a return revenue of 513 billion SAR, and an expected 326 billion SAR deficit.

King Salman while chairing the private ministerial session to launch the national budget in Riyadh, announced that 2016 comes in the context of internationally declining oil prices amid economic, financial, regional, and international challenges.

The Custodian of the Two Holy Mosques revealed the Council of Economic and Development Affairs would work toward launching an economic, financially, and structural comprehensive reform.

The Saudi King pointed out the subject of the budget, “It represents a beginning for complementary and comprehensive work for the construction of a firm economy that is based on various income sources, and in which savings grow, job opportunities’ increase, and the partnership joining the public and private sectors is consolidated.”

He stressed that the Saudi economy “Possesses the potential and the fundamentals that enable it to handle challenges,” and that attending the Saudi citizen’s needs is “the center of our concerns, and we will not accept any compromise on the subject”.

Coincidently, the Saudi Council of Ministers issued two decrees; the first being aerial boarding procedures for civilian employees of the country, military men and all those affiliated with them.

While the second decree was on the subject of modifying power, water, and sewage system prices in keep with international rating.

The council announced the formation of a Ministry of Finance committee, which is assigned to resolve any situation or obscurity resulting from the resolution’s implementation.

They have also stated that a national program for drafting a complementary plan on regulating consumption of power and water products, via price reevaluating and following up on it being carried out.