Non-oil revenues in Saudi Arabia to cover fall in oil pricesStaff writer ▼ | December 29, 2015
The non-oil revenues, which went up from SR126 billion last year to SR163 billion this year, will help cover up the income drop resulting from the sharp fall of the oil prices by about 48% during 2015, Minister of Economy and Planning Adel Fakeih said.
Saudi Arabia Minister of Economy and Planning Adel Fakeih:
“The oil revenues have dropped by about 23 percent while income from non-oil exports has increased by about 30 percent,” he said.
Fakeih said the expenditure of some government departments increased remarkably during the past four years going up sometimes to more than 40 percent over their approved budgets.
“The Council of Economic and Development Affairs has adopted a number of decisions aimed at rationalizing expenditure which rose by about 15 percent in the new year’s budget,” he said.
Fakeih said the budget support provision of SR183 billion which was created this year would give flexibility to the government to deal with the sharp fluctuations of the oil prices.
“Next year’s budget will witness the continuation of the administrative and restructure reforms in economy and finance,” he said. ■