Saudi Arabia to unveil budget Monday

Saudi Arabia will unveil the general budget for 2016 on Monday, Al-Arabiya News channel reported on Monday quoting sources.

The government usually announces budget at the session of the Council of Ministers in the last 10 days of December.

Last year, the budget was unveiled during an extraordinary meeting of the Council of Ministers at Rawdat Khuraim on Dec. 25.

The budget projected a huge spending of SR860 billion and revenues amounting to SR715 billion, resulting in a deficit amounting to SR145 billion due to the sharp decline in oil prices. The budget shortfall is the first deficit projected by the Kingdom since 2011 and the largest ever for the country.