Saudi Arabia’s determination to retain market share at the expense of state-funding is posing problems beyond the oil industry.
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The 2016 budget plan aims to cut deficit to SR326 billion, lower than the deficit of SR367 billion ($97.9 billion) in 2015, the Council of Economic and Development Affairs said.
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The economist Dr John Sfakianakis told Asharq Al-Awsat that this is the most cautious budget in recent years as it is the first time in more than ten years that the oil price has been calculated as less than $50 per barrel in a budget. This year’s original budget plan envisaged revenues of 715 billion riyals. A quarter of that will be allocated to military and security purposes. “Education and health care remain the focus of government spending, accounting for 35 percent of total spending”. “We have the capacity to respond to demand”, he said.
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Revenues reached 608 billion riyals, but spending rose to 975 billion riyals.
For 2016, the government estimates revenue of 513.8 billion riyals.
Saudi Arabia said Wednesday that it would continue to “satisfy” additional demand for oil even as crude futures fell on data showing US stockpiles growing.
The International Monetary Fund (IMF) said that if Saudi Arabia raises its fuel prices, the country could save Dollars 17 billion annually. It now stands at 5.8% of gross domestic product, up from 2% of GDP in 2014.
The government will consider domestic and global borrowing to finance the deficit. Riyadh has also withdrawn $80 billion from its reserves in 2015.
Adjustments in electricity and water prices are expected to take effect on January 11, setting the pace for several other GCC countries set to implement utility subsidy reforms next year. The revisions focused on “directing subsidies to those who really deserve it”, Fakeih said.
In order to address the situation, the Gulf kingdom has set the price of 95 octane gasoline at 0.90 riyals ($0.24) per litre up from 0.60 riyals per litre – a hike of 40 percent. Projections show an $87 billion deficit for next year.
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It unveiled economic and fiscal reforms to make the budget more sustainable, including a programme to contain spending growth, especially for wages and benefits which accounted for half of the 2015 budget.
