"The budget will continue to focus on priority investment programs that enhance sustainable and strong economic development and employment opportunities for Saudis," the press release reads.
The budget will focus on infrastructure, education, health, security and social and municipal services, according to the press release.
Back in September, the International Monetary Fund (IMF) warned that Saudi Arabia, the world's largest oil exporter, may post a budget deficit if oil prices keep dropping. The IMF has also urged the country to reduce spending and refrain from going ahead with a number of costly projects.
Oil prices have been declining since the summer amid oversupply in the market. Prices dropped further after the Organization of the Petroleum Exporting Countries (OPEC), whose 12 member states account for some 40 percent of world oil output, decided not cut production in late November.
