DUBAI Dec 25 Saudi Arabia plans to raise
government spending by 0.6 percent to a record high next year
while covering a large budget deficit due to plunging oil prices
with its huge fiscal reserves, the Ministry of Finance said on
Spending in the kingdom's 2015 state budget is projected at
860 billion riyals ($229 billion), up from 855 billion in the
2014 budget plan - the smallest increase in more than a decade.
Projected 2015 revenues would drop to 715 billion riyals
from 855 billion in the 2014 plan, leaving a deficit of 145
Saudi Arabia will continue spending actively on economic
development projects, social welfare and security despite the
oil price slide and challenging conditions in the global
economy, the ministry said.
(Reporting by Andrew Torchia; Editing by Louise Ireland)