Saudi Arabia releases Q1 budget performance report, deficit at about $9 bln
Saudi Arabia’s budget deficit in the first quarter of 2020 stands at 34.107 billion Saudi riyals ($9.07 billion), according to a performance report released by the Kingdom’s finance ministry, while revenues on Wednesday.
The report said the Kingdom recorded revenues worth 192.072 billion Saudi riyals ($51.219 billion) while its expenditures were registered at 226,179 Saudi riyals ($60.314 billion).
Total revenues figure in the first quarter was down 22% from the same period last year, according to the report.
Saudi Arabia’s oil revenues fell 24% in Q1 2020 to 128.771 bln riyals while non-oil revenues fall 17% during the first quarter of this year to 63.3 bln riyals.
The Kingdom’s expenditure on subsidies in Q1 2020 reached 3.48 bln riyals, falling 66% from 10.31 bln a year ago, the report showed.
“This quarterly report is published by the Ministry of Finance (MoF) to provide detailed fiscal data covering performance during the specified quarter including revenues, expenditures, it’s funding sources, and the change in public debt. Through the periodical publication of this report, budget deficit, MoF seeks to enhance transparency in accordance with financial disclosure standards,” the Ministry of Finance said in the introductory of its report.
“It should be noted that fiscal accounts as presented in this report are based on cash basis of accounting and are classified according to the Government Finance Statistics Manual (GFSM 2014), published by the International Monetary Fund (IMF),” the report added.