Finance minister Ibrahim Alassaf made the statements following a meeting with the IMF on Saturday (October 6th), during which he was warned that falling energy prices and the large budget surpluses
since 2009 would damage Saudi Arabia's fiscal position.
The world's top oil exporter has run large budget surpluses
since 2009 but the IMF said in a report last month that falling energy prices would hurt the kingdom's fiscal position.
However, analysts said the Saudi government traditionally made conservative projections for both spending and oil revenues, leaving room for actual expenditure and budget surpluses
to come in much larger than initially forecast.
The larger central government budget surpluses
lead to decreased borrowing in both 2011 and 2012 compared with the previous forecast, Riksgalden also said.
Despite the budget surpluses
and unspent funds, the Iraqi government called on Washington to provide another $2 billion for 2011 to support the training and equipment needs of Iraqi national security forces.
"Can you imagine what the impact would have been if only a small fraction of the billions of budget surpluses
that the former cabinet talked about were invested in roads!" exclaimed the Bulgarian PM.
Financial management reforms introduced over the past years have seen budget surpluses
fall dramatically by 90% since 2001.
Following the first regular meeting of the newly formed Spanish cabinet, Maria Teresa Fernandez de la Vega, Spain's deputy prime minister, said the government can afford to spend money on this package this year because of accumulated budget surpluses
in times of stronger growth.
But 234 out of 336 nursery and primary schools (70 per cent) had surpluses beyond the permitted amount, while 42 out of 76 secondaries had unacceptable budget surpluses
drove this figure down in the late 1990s; falling interest rates continued to cut the cost despite the budget deficits that returned in April 2002.