The Kingdom’s Ministry of Finance announced a preliminary statement of budget for the fiscal year 2024 with expenditures valued at 1,251 billion riyals and revenues projected to be 1,172 billion riyals, Saudi Press Agency (SPA) reported early on Sunday.
A limited deficit is estimated to be recorded at about 1.9 percent.
Minister of Finance Mohammed bin Abdullah al-Jadaan projected a growth in real Gross Domestic Product (GDP) by 4.4 percent for the upcoming fiscal year.
Al-Jadaan also shared expectations for the fiscal year 2026 with expenditures valued at 1,368 billion riyals and revenues at 1,259 billion riyals.
In addition to achieving the Kingdom’s goals of financial sustainability and directing expansionary spending to expediate the implementation of major projects and strategies, the budget also focuses on attracting investment, stimulating economic activity, and developing Saudi Arabia’s public financial performance.
The minister added that “the process of analyzing the financial and economic risks facing the Kingdom’s economy is a vital part of understanding the current situation, as it contributes to adopting effective policies and strategies to deal with these risks.”
He said that despite any crises the world is witnessing and their negative impact on the global economy – as was the case with COVID-19 and geopolitical tensions that negatively affected global supply chains – Saudi Arabia is in a “solid financial position.”
Al-Jadaan pointed out that structural reforms as well as sectoral and regional strategies put in place as part of the Saudi Vision 2030 show the government’s commitment to protecting citizens from local and global financial repercussions.