(English) Saudi Arabia unveils 2016 budget

Saudi Arabia unveiled its 2016 budget on Monday which predicted a deficit of 326 billion riyals ($87 billion) in the new year, Al Arabiya News Channel reported.

The budget puts spending at 840 billion riyals ($224 billion) and revenue at 513 billion ($137 billion), officials revealed at a press conference in Riyadh.

As for 2015, revenues came in at 608 billion riyals, 73 percent of which came from oil revenues, Al Arabiya reported.

This is the first budget announcement since King Salman’s ascension to the throne and is expected to reflect reforms he announced last week.

“Our vision for economic reform is to increase the efficiency of public spending, utilize economic resources and boost returns from state investment,” he told the kingdom’s Shura Council on Wednesday.

Dr. Fahd bin Jumaa, vice president of the economy and energy committee of the Shura Council had predicted the budget was drafted based on the speculated price of $45 pb, he told Al Arabiya.Net.

He also ruled out cuts in subsidies and public spending or increases in fees or taxes.