RIYADH – With its prioritized allocations and expenditures, this year’s state budget will expedite economic development and social and individual growth as instructed by King Abdullah, said Khaled Al-Gosaibi, Minister of Economy and Planning.
The budget aims at creating well-balanced development among the Kingdom’s regions, he said. Growing public spending, according to Al-Gosaibi, has stimulated the national economy.
Government spending rapidly increased in the Eighth Five-Year Development Plan with funds coming directly from the state budget or surpluses, he said. This year’s state budget coincides with the first years of the Ninth Five-Year Development Plan.
The government has spent generously on infrastructure and development projects for education, healthcare, municipalities, and water drainage systems across the Kingdom, he added.
Gradual government investment, as part of overall spending, has boosted the government’s capital assets.
During the Eighth Five-Year Plan, the economy grew on average 3.5 percent annually despite the global economic crisis, Al-Gosaibi said.
With its allocation for government investments, the budget is in tune with the Ninth Five-Year Development Plan, he added. – Okaz/SG