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Saudi Arabia’s 2020 budget to generate 833 bln riyals in revenue: Minister

Published: Updated:

Saudi Arabia’s 2020 budget is expected to generate up to 833 billion riyals ($222 billion) in revenue compared to SAR 917 billion projected in 2019, the finance minister said on Thursday, adding that the general budget of the Kingdom for 2020 is projected at SAR 1.02 trillion.

The country’s public debt is expected to be 26 percent of gross domestic product, or SAR 754 billion in 2020 versus SAR 678 billion in 2019, Saudi Arabia’s Minister of Finance Mohammed al-Jadaan told reporters at a press conference in Riyadh.

There was a 0.9 percent growth of real GDP in 2019 with 2.3 percent expected in 2020, he added, while the 2020 budget deficit is expected at SAR 187 billion.

The budget announcement comes just hours after the third annual Future Investment Initiative conference concluded in Riyadh. The leading global forum, which brought together 6,000 delegates and 275 speakers from world leaders and business moguls, saw about $20 billion in investment deals signed.