2003 News Story

King Fahd announces 1424-1425 (2004) state budget

The Custodian of the Two Holy Mosques King Fahd bin Abdulaziz has issued royal decrees on the new State Budget for the fiscal year 1424 – 1425 H, corresponding to FY 2004.

Revenues are projected at SR 200 billion [US $ 53.3 billion] and expenditures are projected at SR 230 billion [U.S. $ 61.3 billion], an increase of SR 21 billion [US $ 5.6 billion] over last year.  The budget deficit, endorsed by the Council of Ministers, which was chaired by the King Fahd, earmarked SR 63.65 billion [U.S. $16.97 billion) for general education, higher education and training

The goals of the budget are to focus on areas directly affecting the citizens. Priority was given to health, education, social services, and infrastructure projects that promote and attract investment, to increase economic growth.

The new budget includes appropriations for three universities in Madinah, Qassim, and Taif, in addition to establishing a number of colleges and civilian and military vocational training centers.  It also includes establishment of 150 new primary health care centers in various parts of the country and upgrades, repairs and maintenance for existing health care centers.