Saudi Budget's Oil Revenues Expected To Rise By 9% To $178Bln In 2019 - Finance Ministry

Saudi Arabia, which earlier approved the largest budget in the country's history, expects oil revenues to increase by 9 percent to 662 billion Saudi riyals ($178 billion) in the 2019 budget, the kingdom's Finance Ministry said.

RIYADH (UrduPoint News / Sputnik - 19th December, 2018) Saudi Arabia, which earlier approved the largest budget in the country's history, expects oil revenues to increase by 9 percent to 662 billion Saudi Riyals ($178 billion) in the 2019 budget, the kingdom's Finance Ministry said.

On Tuesday, Saudi King Salman bin Abdulaziz Al Saud announced the country's budget for 2019. He said that the expenditure part of the budget amounted to 1.106 trillion riyals, with the budget deficit totaling 131 billion Saudi riyals. Oil revenues therefore account for 68 percent of total revenues.

"Oil revenues are expected to reach SAR 662 billion in 2019 compared to SAR 607 billion in 2018, an increase of 9.

0%," the ministry said in a statement on Tuesday.

The ministry expressed confidence that the new budget would "positively affect economic activity, enhance investor confidence and increase employment opportunities for citizens."

According to the ministry, in the medium term, fiscal policy will focus on social and economic development priorities, including through Vision 2030 programs.

In 2016, Riyadh unveiled its Saudi Vision 2030 plan, aimed at implementing reforms and reducing the country's dependence on oil revenues. The author of the plan is Saudi Crown Prince Mohammed bin Salman.