The Saudi Council of Ministers approved the Kingdom's general budget for the fiscal year 2024 with a deficit of 79 billion riyals, while revenues of 1.172 trillion riyals are expected to be achieved in 2024, while approved expenses amount to 1.251 trillion riyals.
The Saudi Ministry of Finance revealed that its updated estimates for the 2023 budget indicate an expected deficit of about 82 billion riyals, with revenues reaching 1.193 trillion riyals, a decrease of 5.9 percent compared to the previous year, due to the decline in oil prices in the current year compared to 2022.
The ministry expected spending for the fiscal year 2023 to be about 1.275 trillion riyals, an increase of 9.5 percent over the actual expenditures for 2022 as a result of the Kingdom's aspirations to focus on strategic expansion spending directed to promising sectors with a sustainable economic and social return.
Source (Al-Arabiya.net Website, Edited)
