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KSA overspends 2009 budget by 15.8pc
Saudi Arabia announced on Monday it spent…
December 21, 2009 5:56 by kippreport
Saudi Arabia announced on Monday it spent 15.8 percent, or SR75.05 billion ($20 billion) over its 2009 budget of SR475 billion ($126.7 billion), Al Arabiya TV reports.
The nation also announced that next year’s revenue forecast is at SR470 billion ($125 billion), while its 2010 budget is set at SR540 billion ($144 billion), resulting in a possible deficit of SR70 billion ($18.7 billion).
Saudi Arabia posted its first deficit in eight years in 2009 due to a dramatic drop in revenue to SR505 billion ($134.6 billion).