Kingdom increases spending on education and healthRIYADH: The Saudi cabinet agreed on Monday a budget for 2010 that forecasts a deficit of $18.7 billion, with spending hitting a record-high of 540 billion riyals($144 billion), Al Arabiya TV reported.
The budget projects revenues of 505 billion riyals ($125.3 billion) and a fiscal deficit of 70 billion riyals ($18.67 billion) in 2010, its second straight deficit, as it increases spending.
The kingdom expected to post a fiscal deficit of 70 billion riyals ($18.6 billion) in the coming year and estimated expenditures to reach 540 billion riyals, including 260 billion riyals ($69.3 billion) for investment projects.
The figures represent a 16 percent increase from 2009.
The kingdom's 2010 budget for education stood at 137 billion riyals ($36.5 billion) and for healthcare at 61 billion riyals ($16.2 billion).
Actual spending for 2009 was the highest ever and exceeded the $127 billion initially projected.
For 2009, the kingdom expects to post a deficit of 45 billion riyals ($11.9 billion), the finance ministry said in a statement.
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