SR978 billion budget unveiled

Custodian of the Two Holy Mosques King Salman on Tuesday unveiled the general budget for the fiscal year of 2018 at the special Council of Ministers session at Al-Yamamah Palace in Riyadh.

The budget projects a historic spending of SR978 billion, an increase of 5.6 percent compared to the allocation of SR926 in the last budget.

According to data from the Ministry of Finance, the expected revenues during the next year is estimated at SR783 billion, compared to the revenues of SR696 billion in 2017, an increase of 12.5 percent.

There will be a 15 percent reduction in deficit, reaching SR195 billion in 2018 compared to SR230 billion in the current year.

The revenues from taxes on goods and services are expected to reach SR85 billion in 2018 while spending on the Citizen’s Account will be SR2.5 billion per month.

There will be a gradual imposition of levy on energy and water charges.

Expatriate worker fees will remain on their previously announced upward path without any adjustment.

Public spending in 2018 will include public budget spending as well as spending by the Public Investment Fund (PIF) and other development funds.

The total spending of PIF and other development funds would reach SR133 billion in 2018.