Saudi: large deficit in 2015, but spending increased despite the fall in oil prices
Riyadh – Saudi Arabia, the largest oil exporter, said Thursday the state budget 2015 providing a significant deficit of $ 38.6 billion due to the fall in oil prices but with rising expenses.
The Council of Ministers adopted a budget with spending of 860 billion riyals (229 3 billion) and revenues of 715 billion riyals (190.7 billion USD), according to a statement read on state television.
The expenditure is thus slightly higher compared to 855 billion riyals in the budget this year but revenues are down from 140 billion riyals ($ 37.3 billion) from the forecast in 2014.
This is the first budget deficit kingdom since 2011 and the largest ever under the leadership of OPEC.
Since 2003, when Saudi Arabia began broadcasting surplus budgets after decades in red, the kingdom has accused a real deficit of $ 23.1 billion in 2009 after falling from a row crude prices to the global financial crisis of 2008.
With the current collapse prices gross, including Saudi Arabia takes up to 90% of its revenues, prices have lost about half their value since mid-June amid a supply glut, a slowdown in demand World oil and a strong dollar.
The Saudi Finance Minister Ali al-Nuaimi said last week that Riyadh would maintain in the budget 2015 a high rate of spending on development projects despite the sharp fall in oil prices.
Saudi Arabia consisted of large foreign exchange reserves and had reduced its public debt with oil revenues in recent years, giving him lines of defense for lean years, he said
(© AFP / December 25, 2014 24:01) <-
(AFP / 25.12.2014 12.!: 05) ^ ->
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