Saudi Arabia has announced its budget for 2021, with revenues estimated at 849 bln riyals for the coming year.
Saudi Arabia’s King Salman confirmed that approved expenditures in the Kingdom’s budget for 2021 will amount to 990 billion riyals, revenues at 849 billion riyals, and an estimated deficit of 141 billion riyals, representing 4.9 percent of the GDP.
“We have directed that the budget give priority to protecting the health and safety of citizens and residents, and to continue efforts to limit the effects of the pandemic on our economy,” says Saudi Arabia’s King Salman while announcing the budget.
“We have also directed the continuation of work to stimulate economic growth, develop services, support the private sector and preserve the jobs of citizens in it, and implement housing programs and projects, and development projects that provide more job opportunities for citizens,” he added.
Last September, the Kingdom’s Finance Ministry announced a preliminary statement of the estimated budget for 2021, with public revenues estimated at 846 bln riyals, and expenditures at 990 bln riyals.
Saudi Arabia said at the time that it plans to cut spending by 7.5 percent in next year’s budget to 990 billion riyals ($263.94 billion) but expects the economy to return to growth as its management of the coronavirus crisis improves, a preliminary budget statement showed.