The Council of Ministers, chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, approved the state budget for fiscal year 2019, in a session held at Al Yamamah Palace in Riyadh. During the session earlier today, His Majesty stated the following:
"We here announce that the budget for fiscal year 2019 is the largest budget in the history of the Kingdom of Saudi Arabia. It aims to support economic growth in the Kingdom, raise the efficiency of spending and achieve sustainability and financial stability in line with the objectives of Vision 2030.
We are determined, with God’s help, to move forward along the path of economic reform; controlling fiscal management, promoting transparency, empowering the private sector and ensuring distinguished services are provided to citizens.
Spending in this budget is 1.106 trillion Saudi riyals, approximately 7% higher than the projected expenditure by the end of fiscal year 2018. Revenues come in at 975 billion riyals, an increase of 9% over expected revenue by the end of 2018. In line with government policy, this budget focuses on providing basic services for citizens and developing government services.
Our first concern is to continue working towards achieving comprehensive development in all regions of the Kingdom and in all fields. Your government will continue its efforts to achieve this. We have directed ministers and officials to quickly implement the budget programs and projects.
We ask God for help and success, and thank Him for the blessing of security, stability and development. Peace, and God’s mercy and blessings be upon you."