The minister of finance added that the GDP deflator of non-oil sector which is one of the most important economic indicators to measure inflation at the level of the economy is expected to witness an increase with 0,99% in 1437/1438H (2016) in comparison with the previous year according to estimates by the General Administration of Statistics. He pointed out that the financial policy in the Kingdom aims to strengthen the financial position and raise the efficiency of the governmental spending as well as to reach a balanced budget by 2020 according to the trends of the Kingdom's Vision 2030 and its programs including the National Transformation Program 2020 of the various government agencies in order to contribute stimulating economic growth, flowing foreign investments and promoting growth of the private sector. The minister highlighted actual results for the fiscal year 1437/1438H (2016). "It is expected that the total revenues for the year (2016) are to reach SR528 billion with an increase of 2,7% of what was estimated in the budget SR514 billion. It is also expected that the non-oil revenues are to reach SR199 billion in comparison with SR181 billion which is estimated within the budget for this year," he said. "It is expected that the government's expenditures for 2016 are to reach SR825 billion after excluding with regard of the recent years of expenditures which are not supported in the budget with a decrease of 1,8% in comparison with what was issued by the 2016 budget of SR840 billion. They are less with 15,6% of the last year's expenditures which amounted to SR 978 billion. The main reason was due to a decline in the pace of expenditures on the projects based on the measures taken by the government during the year with aim of spending restraint and reviewing existing and new projects with taking care to continue paying financial dues of the contractors, suppliers and individuals. The total expenditures, including receivable expenditures that were excluded for comparison, reach SR930 billion. Due to the measures taken in the field of spending, it is expected that the deficit is to reduce in 2016 to reach SR297 billion after reaching its highest level in 2015 with about SR366 billion. The deficit has been funded through borrowing from the domestic and international markets. --More 17:36 LOCAL TIME 14:36 GMT www.spa.gov.sa/w296507