Saudi Arabia’s Finance Ministry has announced a preliminary statement of budget for the fiscal year 2024 with expenditures valued at SAR 1,251 billion and revenues projected to be SAR 1,172 billion.
A limited deficit is estimated to be recorded at about 1.9 percent.
Finance Minister Mohammed al-Jadaan reaffirmed the Saudi government’s commitment to ongoing structural reforms on both the financial and economic fronts.
These reforms aim to foster economic growth, diversify the economy, and sustain economic growth rates while maintaining financial sustainability.
According to al-Jadaan, this will be achieved through the continued implementation of programs and projects outlined in the Kingdom’s national transformation plan, “Vision 2030”.
The launch of various initiatives and strategies will also help in the development of promising economic sectors, attracting investments, stimulating industries, and increasing both local content and non-oil exports in Saudi Arabia.
The minister further emphasized the significant and active role played by the Public Investment Fund and development funds in ensuring the ongoing implementation of structural reforms.
These reforms aim to boost the growth of non-oil sector activities at high and sustainable rates over the medium term, said al-Jadaan.
He also projected a growth in real Gross Domestic Product (GDP) by 4.4% for the upcoming fiscal year.
In addition to achieving the Kingdom’s goals of financial sustainability and directing expansionary spending to expedite the implementation of major projects and strategies, the budget also focuses on attracting investment, stimulating economic activity, and developing Saudi Arabia’s public financial performance.
The minister added that “the process of analyzing the financial and economic risks facing the Kingdom’s economy is a vital part of understanding the current situation, as it contributes to adopting effective policies and strategies to deal with these risks.”
He said that despite any crises the world is witnessing and their negative impact on the global economy – as was the case with the coronavirus pandemic and geopolitical tensions that negatively affected global supply chains – Saudi Arabia is in a “solid financial position.”
