Riyadh, December 18, 2018 – Saudi Arabia’s Council of Ministers, chaired by King Salman bin Abdulaziz Al Saud, approved the state budget on Tuesday for the fiscal year 1440/1441H (2019) in a session held at Al Yamamah Palace in Riyadh.
King Salman addressed citizens in a speech in which he announced the budget.
We here announce the budget for the fiscal year 1440/1441H (2019) as the largest budget in the history of the Kingdom of Saudi Arabia, which aims to support economic growth in the Kingdom, raise the efficiency of spending and achieve sustainability and financial stability within the objectives of Saudi Vision 2030.
We are determined, with God’s help, to move forward along the road 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 at975 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 as well. 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.