1997 Press Release

Finance Minister on 1997 State Budget

Minister of Finance and National Economy Dr. Ibrahim Al-Assaf has said that the new state budget is in conformity with the instructions of the Custodian of the Two Holy Mosques King Fahd Bin Abdul Aziz to achieve financial balance between revenues and expenditures. Revenues are estimated at SR 164 billion (U.S. $ 43.7 billion) and expenditure at SR 181 billion (U.S. $ 48.3 billion). The SR 17 billion (U.S. $ 4.5 billion) deficit will be financed through borrowing from local sources, as was the case during the previous fiscal year. He added that the budget emphasized three main areas: Saudization of jobs, achieving economic competence in both public and private sectors, and consolidating the role of the private sector in the national economy.