Riyadh (SPA) - The Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz Al Saud received Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf and the minister's deputy and assistant as well as undersecretaries of the Ministry of Finance on the occasion of the issuance of the State Budget for the Fiscal Year 1431/1432H.
The new state budget has come at a time of “different world circumstances” to ensure the continued development of the Kingdom and its infrastructure, said Ibrahim Al-Assaf, Minister of Finance in a press statement yesterday.
The budget embarks on development projects worth SR260 billion as opposed to SR225 billion in last year’s budget, an increase of 16 percent, he said. The SR70 billion deficit will be reduced when oil prices improve, he said.