The Government plans to use a budget surplus this year to pay off debt and increase spending on improving infrastructure within the Kingdom of Saudi Arabia, a member of Al-Shoura (Consultative) Council said last night.
Usamah Al-Kurdi said the government plans to spend 60 percent of this year's surplus on reducing debt and the remainder will be used to upgrade the Kingdom's infrastructure. “In addition, the Government has enacted a series of laws regulating labor, the insurance industry, and the financial markets," said Al-Kurdi, who was one of the speakers during the 13th annual Arab-U.S. Policymakers Conference in Washington.
While rising oil prices have provided Saudi Arabia with additional revenue, Al-Kurdi said this was not the main reason for establishing new business-related laws. “Economic reforms will continue regardless of the price of oil," he added.
The government has also taken steps to encourage foreign investment in the Kingdom, according to Al-Kurdi. "Specifically, officials have seen an increased interest from foreign firms wanting to invest in the energy sector," he added.
