“I expect that the government will be able to easily raise non-oil revenues above the 200 billion riyal (53 billion) mark next year with the introduction of the new fees”, Abu-Dahesh said.
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Robert Anderson) and is uncertain as to whether he will make a return either this season or at any point in the future. Brees ranks behind only Peyton Manning (71,871), Brett Favre (71,838) and Dan Marino (61,361) in career yards passing.
Private analysts said markets could react positively to Monday’s budget announcement because the 2015 deficit was lower than the 400-450 billion riyals which many investors had feared.
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Over the past year, oil prices dropped from triple digit highs in June 2014, to now $36.94 as of 7.10 GMT today.
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Recent national polls show that the real-estate mogul Donald Trump is leading the race with a support rate of around 39 percent. Today, I’m suspending my campaign for president. “I believe we have run a campaign you can be proud of”.
It is the largest member of the OPEC oil-producing cartel and has refused to cut output, which has forced companies in other countries to halt projects and lay off staff.
Next year’s fiscal deficit is expected to narrow to 326 billion riyals (Dh319.2bn) from 367bn riyals this year, the Saudi finance ministry said on Monday.
“Saudi Arabia can either spend its way out of the current scenario or start belt-tightening”.
Since 2014, global oil prices have declined sharply.
According to officials, the kingdom’s revenues for 2015 were estimated at 608 billion riyals ($162 billion), which was far below earlier projections and income figure for 2014, while spending figure was announced at 975 billion riyals ($260 billion).
“Our economy has the potential to meet challenges”, King Salman said in a speech, adding the 2016 budget launched a phase in which his kingdom would diversify its revenues.
This year’s original budget plan envisaged SR715 billion of revenues. However, the government has also put aside $49 billion (183 billion riyals) in discretionary spending to use on infrastructure projects if oil prices improve. Fuel prices will still be low by global standards.
There are no other benefits to prices going as low as they are for oil-rich nations other than killing off their direct competition in the long run.
The decision came hours after the ministry of finance said it will slash subsidies for electricity, water, diesel and kerosene over the next five years.
The budget and price increases dominated talk on Saudi social media on Tuesday, with Twitter user Fahad al-Owain saying many would suffer from the price hikes.
Taxes on sugary drinks and tobacco, 40 per cent increases on the price of petrol and lower subsidies for water and electricity: the low oil price has taken its toll on Saudi Arabia. That’s less than half the $56 per barrel priced into the projected 2015 budget.
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King Salman said that extremist groups “would never find fertile ground in Syria except for the Syrian regime’s policies, which led to the extermination of hundreds of thousands of Syrians and the displacement of millions”.
