Al-Assaf announces 15% surplus spending in annual budget.
The Finance Minister, Ibrahim Al-Assaf spoke of how the Kingdom was to overspend 15% in its annual budget due to construction projects and job-related schemes. He was talking to reporters towards the end of the Euromoney Saudi Arabia Conference which took place in Riyadh.
This was thanks to decrees by the Custodian of the Two Holy Mosques, King Abdullah. The economic growth rate is at 4% this year. This an improvement over the previous year’s rate which was 3.8%. Most of the recent spending will go towards the building of new houses, vocational creation and unemployment benefits.
The Saudi world-view looks rosy with estimated growth rates said to reach 7% in the times which are yet to come.