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Saudi Arabia’s fiscal deficit significantly drops

Published: Updated:

Saudi Arabia's fiscal deficit fell to 8.9 percent of gross domestic product this year from 12.8 percent in 2016, state news agency SPA reported

Undersecretary of the Ministry of Finance for Communication and Information, Yarub Abdullah al-Thunayan, said that the fiscal deficit reduction was due to the economic reform plans adopted by the Kingdom in the frameworks of Vision 2030.

“The Kingdom's Government was on the right path to effective economic management, despite difficult international conditions,” Thunayan was quoted by SPA.

“It had made significant progress in advancing the economic reforms of 2017. A series of measures had been implemented to improve the efficiency and effectiveness of government expenditure,” he added,

On Tuesday, the Saudi Ministry of Finance will announce the state budget for the fiscal year 2018.

Thunayan said that in 2018 raising the efficiency of government spending, better budget planning and spending prioritization will be taking place.