Saudi Arabia has announced a 295 billion US dollars budget for the fiscal year 2019, the kingdom's biggest ever.

Announcing the budget, King Salman bin Abdulaziz said in a televised speech that we are determined to go ahead with economic reforms, achieving fiscal discipline, improving transparency and empowering the private sector.

He said it will increase spending by more than seven percent in 2019 to ignite economic growth.

He ordered the continuation of public sector cost-of-living allowances.