Saudi Arabia posts $7.41 bln budget surplus in Q1, says finance minister

Saudi Finance Minister, Mohammed al-Jadaan, says the country's budget achieved a surplus of 27.8 billion riyals in the first quarter. (File photo: AFP)

Saudi Arabia had a budget surplus of 27.8 billion riyals ($7.41 billion) in the first quarter of this year, its finance minister Mohammed al-Jadaan said.

The minister was speaking at a conference in Riyadh on Wednesday.

Saudi Arabia plans to increase state spending by 7 percent this year in an effort to spur economic growth that has been hurt by low oil prices, according to its 2019 state budget.

(With agencies)

Last Update: Wednesday, 20 May 2020 KSA 09:53 - GMT 06:53