Almotamar.net - A statement of the annual monitoring of the final accounts of results of the general state budget for, both central and local, independent and supplement budgets, special funds, and budgets of the public and mixed sectors economic units for the year 2005 issued by the Central Apparatus for Monitoring and Audit has remarked that the negative indicators and violations accompanied carrying out of budgets does not deny achievement of successes related to economic stability represented by controlling the amount of deficit within safe boundaries. The successes also included the achievement of relative stability in exchange prices and support for the country's needs of hard currency in addition to improvement in the legislative environment through efforts of the parliament for stabilization of the legal structure for protection of public property especially the accomplishment of the law on fighting corruption and the law of approving financial obligation

The statement that the parliament reviewed on Sunday before referring it to the standing committees explained that the actual revenues of the general budget for 2005 amounted to around YR one trillium and 156 billion while the expenditures amounted to one trillion and 194 billion with a deficit of 38.3 billion riyals out of the total spending.

The statement considered the imbalance between oil revenues and other types of revenues as one of the major failures in the budget structure and implies the failure in development of non-oil revenues. The statement criticized derelict in performance of revenue institutions and weakness of collection apparatuses that led to depriving the general treasury of due revenues contributing to fund the budget expenditures, pinpointing expansion in granting customs exempts to oil companies and their secondary contractors or special exempts to government or investment projects affected negatively.

The statement clarified that the deficit during the period of the statement has improved by 1.2% of the Gross Domestic Product against a deficit of 2.1% for the year 2004, attributing that to the noticeable rise in world oil prices and increase in foreign loans for the year 2005.

The statement called for reconsideration the style of financing budget deficit by using treasure bonds and evaluation of their impact under adoption of interests of local debt that have become one of the causes of the budget deficit.