The Ministry of Finance issued here today the state budget for the Fiscal Years 1434/1435 AH (2013): Following is the Press Release of the Ministry of Finance: Recent Economic Developments and Highlights of Fiscal Years 1433/1434 (2012) & 1434/1435 (2013) 29 December 2012 The Ministry of Finance is pleased to highlight the actual outcome of FY 1433/1434 (2012), the 1434/1435 (2013) budget, and recent economic developments in the Kingdom of Saudi Arabia. Actual Outcome of Fiscal Year 1433/1434 (2012) Total revenues are projected to be SR1239.5 ($330.5) billions in 2012 and expenditure to be SR 853 ($227.5) billions. The increase of actual over budgeted expenditures of SR 163 ($43.5) billions are due to the 13th month salary, increasing the capital and resources of the Real Estate Development Fund and Saudi Industrial Development Fund, additional expenditures on projects in the Two Holy Mosques, increase in expenditures on the unemployment benefit program (Hafiz), and the increase in wages bill as a result of providing regular civil service jobs for those who were employed on temporary base. Preliminary estimates indicate that the public debt will decline from SR 135.5 (US $36.1) billions at the end of 2011 to SR 98.8 (US $26.3) billions at the end of 2012, which represents (3.6) percent of projected GDP for 2012. The stock of public debt is entirely domestic. The number of government projects signed with the private sector in 2012 amounted to 2000 with a total value of more than SR 137 (US $36.5) billions. The National Budget for 1434/1435 (2013) The followings are the main highlights of the budget: 1.Total revenues are projected at SR 829 (US $221.1) billions. 2.Government expenditures are budgeted at SR 820 (US $218.7) billions. 3.Fiscal surplus is projected at SR 9 (US $2.4) billions. --MORE
