Minister of Finance, Mohammed Al-Jadaan
Minister of Finance, Mohammed Al-Jadaan, said Saudi Arabia’s budget deficit for the period from 2023 and 2026 is “planned”.
Replying to a question by Argaam in the budget briefing, Al-Jadaan said deficit is concerning if it is unplanned or structured due to external shocks or lower revenues.
If the deficit is planned and revenues are generated as expected, amid increased spending to improve services, boost productivity, and increase the private sector’s investments, this investment will not be alarming, the minister added.
Saudi Arabia budgeted 2024 revenues at SAR 1.17 trillion and expenditure at SAR 1.25 trillion, leading to an expected deficit of SAR 79 billion, the Ministry of Finance said today, Dec. 6.
For 2023, total expenditure is expected to reach SAR 1.27 trillion, while revenues are projected at SAR 1.19 billion, reflecting a deficit of SAR 82 billion.
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