Experts identify the indicators that parents should be vigilant about
mental health4 hours ago
Higher oil revenues coupled with a wide-ranging economic diversification plan will combine to cut projected Saudi budget deficits in 2016 and 2017, an economic report said.
Riyadh-based Jadwa Investment scaled down its projection for the 2016 budget shortfall to $75 billion from $107 billion. In 2017, Jadwa now projects a deficit of $56 billion against its earlier projection of $88.5 billion.
"Higher oil revenues will lead to smaller deficits than our earlier forecast", while consolidation of state finances is expected to occur more quickly than expected, and consistent with the National Transformation Programme (NTP) 2020, said Jadwa.
While 2016 "will not be impacted by NTP initiatives", they will start being felt next year, the researchers said, "with growth, fiscal, external, and monetary indicators posting a gradual recovery in following years as well".
Global oil prices have jumped to around $50 a barrel this year.
The government of the world's biggest oil exporter projected this year's deficit at $87 billion following a record $98 billion shortfall in 2015.
Released last week, the NTP sets five-year targets for diversifying the economy away from oil which still provides the majority of state revenue.
After five years the kingdom is forecast to balance its budget by more than tripling non-oil revenues to $141 billion, Jadwa said.
"We see this target being achieved if a collective effort by other government bodies is made, including the Zakat and Tax Authority, Saudi Customs and other public investment vehicles," Jadwa said.
Another economist, however, said the targeted increase in non-oil income would be difficult to achieve even in 14 years.
"I don't know how realistic it is, really, to be honest with you. There's so many aspects that need to be overcome," Patrick Dennis, lead Middle East economist at British-based advisory firm Oxford Economics, told AFP.
The NTP also plans to cut the civil service wage bill to 40 pe rcent of spending from the current 45 per cent.
Endorsed by the Saudi cabinet on June 6, the NTP is one of several programmes under Saudi Vision 2030, a reform drive led by Deputy Crown Prince Mohammed bin Salman, son of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia.
Experts identify the indicators that parents should be vigilant about
mental health4 hours ago
Organised crime, activists and states will be the main threats during the July 26-Aug. 11 Olympics and the Aug. 28-Sept. 8 Paralympics
sports9 hours ago
The National Olympic Committee of Ukraine said he had joined the armed forces in the early days of the war
sports9 hours ago
The 61-year-old former Manchester United and Everton coach guided West Ham to their first major trophy since the FA Cup in 1980
football9 hours ago
Hyderabad need to win two of their remaining three matches to make the playoffs
cricket10 hours ago
Summit brings together more than 8,000 industry leaders from over 100 countries
business11 hours ago
State Department spokesman says Washington backs a deal to halt the fighting and free hostages
world11 hours ago
He clarifies that the offer accepted by Hamas is a softened version of Egyptian proposal, which is not acceptable to Israel
mena11 hours ago