Saudi Arabia's spending to hit record-high in 2019!

• The king extended monthly allowances for government employees, military personnel and pensioners.

Saudi Arabia's expenditures will hit a record-high in 2019 as the government plans to increase state spending by seven per cent to reach $295 billion despite plunging oil prices.

The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia, announced the figures on Tuesday, saying the government expects revenue to increase by more than nine per cent to hit $260 billion. That leaves a projected deficit of $35 billion.

"This budget is a continuation of the government's policy of focusing on the fundamental citizen services and the development of government services," the king said at a government meeting. The king extended monthly allowances for government employees, military personnel, pensioners, social security recipients and students into next year