Shoura Council Chairman Abdullah Al-Asheikh presides over a session on Monday. The body has praised the government for its balanced budget. (SPA)

The Shoura Council hailed the government for its budget on Monday describing it as a balanced distribution of funds to all regions and sectors despite the decline in oil prices.

This was part of a statement issued at the beginning of the first session of the third year and sixth term by its Secretary General Mohammed bin Abdullah Al-Amr.

On Thursday, the government unveiled its largest budget in history for 2015, projecting spending at SR860 billion, despite a sharp fall in oil prices. The budget projected revenue at SR715 billion showing a huge deficit of SR145 billion for the first time since 2011.

Custodian of the Two Holy Mosques King Abdullah expressed optimism that the Kingdom would continue its economic growth, driven by private sector activity and integration of the public and private sectors.

King Abdullah said the government would continue to focus on education, address labor market imbalances to create more jobs for citizens and ensure optimal use of resources. The 2015 budget has allocated funds for three new universities.

“Despite the challenges facing the global economy and the decline in oil prices, the budget reflects spending on areas of development in a balanced manner in various regions of the Kingdom,” Al-Amr said. He also commended the king for protecting the Saudi economy from global economic crises.

Al-Amr said that the SR860 billion budget covers all sectors of the national economy, including human resources, security, social and urban development, water and sanitation, roads, and electronic transactions, to achieve sustainable development.

He said education and health are two important sectors that have been prioritized in the new budget.

He noted that a sum of SR217 billion, 25 percent of the budget, has been allocated for education and training programs, which would prepare young people to steer the country’s development.

“It’s encouraging to note that SR160 billion has been allocated for the health sector to improve health services in all 20 health regions in the Kingdom.”

He said that this would pave the way for the establishment of new medical cities and hospitals for the benefit of citizens.

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