Saudi Arabia to keep spending in 2015 budget
Source: TheresePoletti
The Kingdom will continue its “counter-economic cycle” fiscal policy, which contributed to $734 billion in foreign assets over recent years, when oil prices soared.
This strategy comes in preparation for the 2015 state budget and despite “challenging economic conditions,” according to Ibrahim Alassaf, Saudi Arabia’s Minister of Finance, who goes on to state that the Kingdom will stay committed to its “huge” development projects and social programmes, the Saudi Press Agency (SPA) reports.
“This policy…will enable the government to continue carrying out massive development projects and spending on development programmes, particularly in the sectors of health, education and social services,” explains the Minister.
Moreover, SPA has quoted Alassaf as “expecting the achievement of positive economic growth as a result of this spending and the vital role of the Saudi private sector.”
Brent crude, the Kingdom’s main economic driver, fell to $59.18 on Wednesday (December 17).
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