The Kingdom of Saudi Arabia unveiled the 2021 budget, at a time when the Saudi economy has shown signs of recovery from the repercussions of the new Corona pandemic. The total revenues in the 2021 budget are about 846 billion riyals, while the expenditures are estimated at 990 billion riyals, equivalent to (264 billion dollars), with an expected deficit of 145 billion riyals.
The budget aims to reduce the deficit ratio of GDP to 5.1%, compared to an expected rate of about 12% in 2020. The deficit is expected to continue gradually, reaching about 0.4% of GDP in 2023.
According to the Saudi Ministry of Finance, the levels of expenditures for 2021 reflect the fiscal policies pursued by the Kingdom to continue spending on previously planned expenditures, to support the goals of the Kingdom's Vision 2030, and to continue spending on efforts made to confront the pandemic according to the requirements of the stage, while ensuring sufficient flexibility in dealing with rapid financial changes if they occur during the year 2021.
The budget also aims to provide more opportunities for the private sector and funds to participate in infrastructure projects. The 2021 budget enables the implementation of economic and financial reforms in support of the directions of the Kingdom's Vision 2030, and the continuation of work on implementing programs to achieve the vision and its related initiatives, in a way that contributes to achieving the desired returns.
Source (Al-Arabiya.net, Edited)
