Riyadh (SPA) - The Cabinet held yesterday a session presided over by Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud and approved the general budget of the state for the fiscal year 1431/1432H.
Then, Custodian of the Two Holy Mosques delivered a speech in which he announced the budget.
"With Allah's help and guidance and with praise to Him, We announce the budget of the new fiscal year 1431/1432 H. which amounts to 540 billion riyals, which shows an increase of 14% over the estimated budget of last year 1430/1431 H. When prepared, the budget took into consideration the continuation of boosting sustainable development in our beloved country despite the international economic circumstances which led to the decrease of the prices of oil and quantities of its exports. This will be implemented through directing resources to be spent on aspects that are more supportive of economic growth, development, boosting the attraction of our economy for investment and creating job opportunities for citizens through concentration on the sectors of human development, the infrastructure and social services", King said.
The budget includes new programs, projects and additional phases of a number of projects which previously had been approved; the total cost of these exceeds 260 billion riyals compared to 225 billion riyals of the current fiscal year budget.
"This budget represents a continuation of our course of giving priority to human development and boosting their competency. Therefore, more than 137 billion riyals have been earmarked for the sectors of general and higher education and training of man power.
In the sector of health and social development, more than 61 billion riyals have been allocated to the continuation of work to raise the level of medical services and support for social programs and 22 billion riyals have been earmarked for the sectors of municipal services.
The appropriations for the sector of transport and telecommunications amount to about 24 billion riyals, where the appropriations for the sectors of water, industry, agriculture and other basic utilities has totaled about 46 billion riyals .
The development of judicial bodies and the implementation of the national plan for sciences and technology and the national plan for telecommunications and information technology will continue, Allah willing. The specialized government development funds and banks will continue providing loans in the fields of industry, agriculture and small and medium projects.
"As its predecessors, this budget stresses the balanced view among sectors and balanced development among regions. It gives importance to the future view of the balance of the government finance and its stability to help boost comprehensive development in our beloved homeland.
King Abdullah urged ministers to implement the budget without any negligence, adding that it should be carried out seriously, sincerely and speedily.