Saudi Arabia to issue sukuk this month, finance minister tells Al Arabiya

Saudi Finance Minister Mohammed al-Jadaan revealed that the Ministry will issue a sukuk this month in line with the objectives of the fiscal balancing program.

With regard to Saudi finances, al-Jadaan said in an interview with Al Arabiya News channel on the sidelines of the G20 summit in Hamburg, that the budget deficit in the second quarter is still lower than expected, but came close to parity with expectations.

He pointed out that spending in the second quarter budget has been lower than expectations and the revenues higher.

The finance minister predicted moderate economic growth in 2019 and 2020.

When asked about the citizen’s account, al-Jadaan said, “We are starting work on the citizen’s account program, while at the same time adjusting the energy prices,” stressing that the citizen’s account plan is going according to his plans.

The plan seeks to support Saudi families by providing direct financial allowances.

Support for free trade

“The G20 has reached an agreement on the minimum level of free trade,” he said, stressing the importance of liberalization. “It is in the interest of the world to liberalize trade.”

The Kingdom received strong vote from the world’s leading nations, with the German Chancellor Angela Merkel announcing that Saudi Arabia will host the G0 summit in 2020.

G20 leaders assembled in Hamburg also welcomed Saudi Arabia as the host of the 2020 Summit.