On Wednesday, Saudi Arabia approved its general budget for the 2024 fiscal year, forecasting a deficit of 79 billion Saudi riyals ($21.1 billion), equivalent to approximately 1.9% of the country’s gross domestic product (GDP), according to the kingdom’s Ministry of Finance.
The budget estimates total revenue at 1.17 trillion riyals for the coming year, while projecting total expenditure at 1.25 trillion riyals.
The Ministry of Finance emphasized that the 2024 budget underscores the government’s commitment to funding and supporting programs, initiatives, and economic transformation projects in line with Saudi Vision 2030.
The budget also aims to maintain fiscal discipline for sustainability targets in the medium and long term.
The cabinet, chaired by King Salman bin Abdulaziz, reviewed and approved the state’s general budget for the next fiscal year.
The King directed ministers and officials to actively commit to implementing development and social programs and projects included in the budget.
Saudi Arabia’s Crown Prince Mohammed bin Salman highlighted that the 2024 national budget aims to stimulate growth in the non-oil economy by increasing spending and investment in infrastructure, local industry, and services.
Additionally, the government is working to bolster reserves and maintain a sustainable level of public debt. The increased spending in the budget for the next year is designed to support economic growth.
