The following is the outcome of the fiscal year 1424/1425 (2004), the highlights of the new budget for the fiscal year 1425/1426 (2005), and the recent economic developments, according to a Press Release issued by Ministry of Finance here today. The Outcome for Fiscal Year 1424/1425 (2004) The Ministry of Finance projects revenues to reach SR (393) billion in 2004, while expenditure amounts to SR (295) billion; there were increases in some emergency expenditures as well as settlement of payments to farmers. Also, an amount of SR (41) billion for development projects amounting to SR (30) billion, and to increase the capital of the Saudi Credit Bank by SR (2) billion and the capital of the Saudi Real Estate Fund by SR (9) billion. The remaining revenues will be allocated to settle part of the public debt Preliminary estimates indicate that public debt is expected to drop from its level of SR (660) billion at the beginning of the year to around SR (614) billion at the end of fiscal year 1424/1425 (2004). The National Budget for 1425/1426(2005) This year's budget continued the government focus on optimizing the available resources and give priority to social infrastructure and services especially in education, health, social affairs, municipal services, water and sewage, and roads. Moreover, the budget put special emphasis on capital expenditures that will create more job opportunities and enhance economic activities, and boost economic growth. The following are the main features of the 2005 budget: 1. Total revenues for the fiscal year 2005 are projected at SR (280) billion. 2. Government expenditure for the fiscal year 2005 is budgeted at SR (280) billion. --MOR 1846 Local Time 1546 GMT
