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Saudi Crown Prince: Kingdom’s economy proves ability to face COVID-19 repercussions

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Saudi Arabia’s economy has proven its ability to face the repercussions of the coronavirus pandemic, Crown Prince Mohammed bin Salman said following the announcement of the Kingdom’s budget for 2021.

“Financial and economic measures have been taken aimed at reducing the repercussions of the pandemic on economic activities. The crisis was managed with great care and effectiveness, which led to the mitigation of the negative effects on the Saudi economy,” the Saudi Press Agency quoted the crown prince as saying.

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“The balance between the precautionary measures and the timing of the gradual return of economic activities has been made at a good pace. Saudi Arabia was able to take health and preventive measures aimed primarily at protecting human health by curbing the spread of the epidemic,” he said.

Saudi Arabia projected its 2020 budget deficit will rise to around $79 billion, the finance ministry confirmed on Tuesday, as the world's top crude exporter reels from a coronavirus-led economic downturn.

"It is expected that the budget deficit will increase at the end of 2020 to about 298 billion riyals, and we aim to reduce it by the end of 2021 to 141 billion riyals ($37.6 billion)," the finance ministry said in its annual budget.

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