Mohammed bin Abdullah Al-Jadaan, Minister of Finance in Saudi, pointed out that “the fiscal strategy will contribute to reduce the budget deficit and support fiscal sustainability and economic growth over the medium term.”
Al-Jadaan announced during the preliminary statement of the state budget for 2019, that the successful implementation of several initiatives to develop non-oil revenues, elevate the efficiency of spending, and improve the subsidy beneficiaries' targeting mechanisms has contributed to decrease the budget deficit significantly during the first half of the current fiscal year 2018, to reach SR 41.7 billion, a decrease by SR 31 billion compared to the same period of the previous year. This is despite the growth of expenses by 26% during the period of comparison.
He added: “total 2019 budget expenditure is expected to reach SR 1.106 billion, 7% higher than projected expenses for this fiscal year.”
Source: (Al-Arabiya.net, Edited)
