Saudi Arabia's King Salman signing on the 2019 budget following a meeting in Riyadh. Image Credit: SPA

Saudi Arabia's King Salman on Tuesday announced a 1.11 trillion Saudi riyal ($295 billion) budget, the kingdom’s biggest ever, and said the government will move ahead with economic reforms.

“We are determined to go ahead with economic reform, achieving fiscal discipline, improving transparency and empowering the private sector,” he said in a televised speech.

Under the economic Vision 2030 plan pushed by Crown Prince Mohammad Bin Salman, Riyadh is seeking to create more jobs for Saudis, but businesses have been hit hard by tax rises and other steps to narrow the government’s budget deficit.

Saudi Arabia plans to increase state spending by 7 per cent next year. Revenues, mostly from oil, are estimated at $260 billion.