The new budget reflects the strength and durability of the Saudi economy despite a global slowdown and falling oil prices, say leaders at the Council of Saudi Chambers (CSC).

“The state budget, with estimated revenue of SR 715 billion and expenditure of SR 860 billion is reflecting the continuation of development projects and plans for economic reforms that will strengthen the global position of Saudi Arabia,” said Abdurahman Al-Zamil, CSC chairman.

Al-Zamil ruled out any adverse impact from plunging oil prices on the national economy. Huge financial reserves would enable the Kingdom to finance the projected deficit of about SR 145 billion for years to come.

“It reflects pragmatism and flexibility in public spending,” Al-Zamil said, stressing that the same approach has been followed by Custodian of the Two Holy Mosques King Abdullah in drawing up wise financial policies, minimizing public debt.

In reference to the budget, he said business leaders expressed their appreciation of the country’s leadership.

“Allocations for human development projects in education, health and rehabilitation represent a clear message that the citizen is the real capital and the center of the desired development,” Al-Zamil said, adding that the private sector achievements have surpassed the performance of both the public and oil sectors. According to him, the private sector has stayed ahead during the past five years, with projections indicating a growth of 5.7 percent in the current year.

“Whatever the challenges and circumstances, these strategic allocations are reflecting the reality of the strength of the national economy and the potency of its foundations,” said Saleh Al-Afaleq, CSC vice president.

Wise economic policies Saudi leaders have made the Kingdom’s position stronger despite global uncertainties and economic fluctuations during the past months. The leaders address these challenges with strategic management and planning, he added.

Hamdan Al-Samrin, another top official at the CSC, said the budget for 2015 has many promising features, and supports existing projects. Such measures will ensure the advancement of Saudi Arabia.

Khalid Al-Otaibi, CSC secretary general, said: “The spending process continues with same pace as witnessed in the previous budget. This confirms the leadership’s commitment to promote social welfare and its efforts to achieve sustainability.”

Citing budget figures, he said Saudi Arabia has seen excellent performance in recent years. It contributed to fresh investments and opened new opportunities in industrial and commercial fields.