The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has issued here today three royal decrees on the State's budget for the fiscal year 1437 - 1438 H. Following is the first royal decree: First: State's revenues are estimated and expenditures are approved for the fiscal year 1437-1438 according to the following: 1) Revenues are estimated at 513,803,000,000 Saudi Riyals 2) Expenditures are approved at 840,000,000,000 Saudi Riyals 3) Deficit is estimated at 326,197,000,000 Saudi Riyals. Second: Revenues shall be levied according to financial regulations and all to be deposited at the current account of the Ministry of Finance in the Saudi Arabian Monetary Agency (SAMA). Third: The Minister of Finance is authorized to add the required amounts for expenditures on the projects financed from the surpluses of the fiscal years extending from 1424 H. to 1434 H. Fourth: Expenditures are disbursed according to the State's general budget and relevant instructions. Fifth: 1- Had the budget yielded a surplus, the authorities shall transfer it to the State's general reserves. 2- No withdrawals are allowed from the State's general reserves unless they are authorized by a royal decree in cases of maximum necessity relating to the State's higher interests without contradicting with para 3 of article First of the Economic and Development Affairs decision No. 1-14/37/G dated 10/3/1437 H. and the Minister of Finance is authoriz3ed to borrow from it accordingly. Sixth: Liability of withdrawals from the appropriations for supporting the State's general budget will take place according to the procedures according to Paragraph 4 of Item (First) of the Economic and Development Affairs Council's decision No. 1-14/37/G dated 10/3/1437 H. Seventh: The governmental agencies included in the State's general budget shall submit to the Ministry of Finance estimates of their monthly revenues and expenditures for the entire fiscal year 1437 - 1438 H. based on items' level within 30 days from the date of announcing the budget. Eighth: 1- Liability of transfers from the surpluses of programs and projects will take place according to the procedures based on Paragraph 5 of Article (First) of the Economic and Development Affairs Council's decision No. 1-14/37/G dated 10/3/1437 H. 2- The transfers from the budget's accredited chapters or branches, except for programs and projects, could take place according to a decision by the Minister of Finance based on a request from the relevant minister or head of an independent-budget authority. 3- Transfers between the items, except for the contents of Paragraphs 1 & 2. of this item shall be decided by the relevant minister or head of independent- budget authority. --More 17:50 LOCAL TIME 14:50 GMT تغريد
