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FinancialNews


  • 20-12-18

    Saudi Arabia decreases military expenditure allocations

    (MENAFN) The Saudi government has allocated 17.3 percent of its 2019 budget for military expenditure, according to figures issued Wednesday.

    Issued by the Saudi Finance Ministry on Tuesday, the budget calls for USD51 billion - 17.3 percent of the total - to be owed for military expenditure, representing a 9-percent reduction on last year's budget.

    The military will receive the second largest allocation after the education sector, which is set to receive 17.5 of the total. The health sector will receive 15.6 percent.

    On Tuesday, Saudi Arabia revealed the largest budget in its history, with expenditures amounting to approximately USD295 billion and income coming to around USD260 billion - representing a deficit of USD35 billion.

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