Fund to manage budget surpluses



RIYADH: MD RASOOLDEEN

Published — Monday 26 November 2012

Last update 26 November 2012 12:24 am

| نسخة PDF Print News | A A

The Shoura Council yesterday formally approved a proposal to set up a sovereign National Reserve Fund (NRF) under the supervision of the Supreme Economic Council.
The decision was taken at the 67th regular session of the consultative body, which was chaired by Shoura Council President Abdullah Al-Asheikh.
Speaking to the press, Deputy Speaker Fahad bin Mutad Al-Hamad said the proposal contained 18 articles that laid guidelines for the formation of a new regulatory and independent body to collect the state’s budget surpluses.
“The proposed fund will be used for the investment of surplus amounts from annual budgets for the betterment of future generations and offset possible budget deficits,” said Yousuf Al-Maimani, a member of the Shoura.
He said the fund would ensure professional investment of the surplus in different profitable projects. “The government will also be able to make use of this fund whenever there is a fall in oil prices.”
The Shoura members supported the proposal presented by Al-Maimani, Majed Al-Munif, Abdullah Abumilha and Abdullah Al-Abdul Qader, a former member.
Saudi Arabia’s budget surplus in 2011 amounted to SR 306 billion ($ 81.6 billion) against SR 108 billion ($ 28.8 billion) the previous year. Economists expect a budget surplus of not less than SR 12 billion ($3.2 billion) this year.
Meanwhile, in a report submitted by the council’s committee on housing, water and public services, the house insisted that the Ministry of Agriculture should find out the reasons for the decline in the production of broilers in the local poultry industry and take suitable measures to improve production.
On a proposal made by the committee on economic affairs and energy, the council agreed for the Kingdom to join the Istanbul-based Standardization and Metrology Institute of Islamic Countries.

What's happening around Saudi Arabia

RIYADH: No date has been set so far for the visit of Custodian of the Two Holy Mosques King Salman to Moscow, the Saudi Press Agency said on Sunday, quoting a source at the Saudi Ministry of Foreign Affairs.Russia’s RIA news agency reported on Thursd...
JEDDAH: Foreign Minister Adel Al-Jubeir says if the Syrian political process fails, Bashar Assad will have to be removed “by force.”“I believe Assad is weak and I believe Assad is finished,” he told CNN’s Christiane Amanpour in an exclusive interview...
JAZAN: Saudi defense forces at the southern border shot down on Saturday a Scud missile that originated from Yemen and targeted Khamis Mushait where a major airbase is located, Al-Arabiya reported.Meanwhile, Foreign Minister Adel Al-Jubeir told a sec...
JEDDAH: Employees of the Education Office in Al-Daer governorate, Jazan, where seven people were gunned down on Thursday are in a state of shock and perplexed as to what prompted the attacker — a teacher — to take such an extreme step.The teacher, id...
JEDDAH: The campaign to support Syrian refugees with all their needs is being carried out effectively, as per the directives of Custodian of the Two Holy Mosques King Salman, Crown Prince Mohammed bin Naif and Deputy Crown Prince Mohammed bin Salman....
RIYADH: The Ministry of Municipalities and Rural Affairs has ordered the allocation of separate sections for female members of municipal councils.This was announced by Jedaie Al-Qahtani of the ministry. “This is in implementation of Clause 107 of the...
DAMMAM: The 9th Saudi Student Conference which is being held on Feb. 13-14 is sponsored by Umm Al-Qura University and hosted by the University of Birmingham in the United Kingdom. It was organized by the Scientific Society for Saudi Students in the...
RIYADH: Over the past 10 years, begging in the Kingdom has increased substantially, with the number of organized gangs of expatriate beggars increasing to 85 percent of the total number of beggars, according to Social Affairs Ministry Majed Al-Qassab...
RIYADH: The Ministry of Health said it expects its blood donation drive will received 450,000 milliliters (ml) of blood when the Janadriyah festival ends on Feb. 19.Khalid Ibrahim Zobaie, who supervises the blood donation project, said the drive is i...
JEDDAH: The Shoura Council’s decision to reduce working hours in the private sector from 48 hours to 40 hours per week would result in additional operational costs in the sector due to 30 percent higher wages for expat workers, according to Mansour b...
MADINAH: Madinah Gov. Prince Faisal bin Salman recently visited a number of ongoing developmental project sites in the Holy City, as part of his efforts to ensure that they meet the set standards and deadlines.During the visit, he said that all the s...
RIYADH: The National Guard Ministry is studying the possibility of having two countries as guests of honor each year instead of one at the Janadriyah festival for culture and heritage, the Kingdom’s most prestigious annual festival.This was revealed...
DAMMAM: The Pakistan International School in Alkhobar hosted their 49th annual prize distribution ceremony to honor outstanding students in the presence of Pakistani Ambassador Manzoor Ul Haq and his wife, Nighat Manzoor.Haq appreciated the efforts o...
DAMMAM: The Weaam Association for Family Care in the Eastern Province has succeeded in addressing more than 700 cases of family disputes during the last one year.Abdulrahman Al-Khudair, Weaam’s director of public delations, said: “The association off...
JEDDAH: The Nakheel mall case has continued to grab the limelight, with a number of lawyers now offering their services to the girl who was roughed up by some Haia members in Riyadh. Some people also expressed, through social media, their support to...

Stay Connected

Facebook