Saudi government targets strategic spending surge on capital projects in 2024: minister

Saudi government targets strategic spending surge on capital projects in 2024: minister

RIYADH — Minister of Finance Mohammed Al Jadaan highlighted the government's ongoing commitment to expanding strategic spending on capital projects. He emphasized the success of economic and fiscal reforms in promoting comprehensive economic growth and improving fiscal management, with a focus on enhancing services for citizens, residents, and visitors. Al Jadaan outlined the government's objectives for the 2024 budget, emphasizing an expansion of strategic spending on capital projects in alignment with national strategies, priorities, and Saudi Vision 2030 targets. The commitment to delivering programs with economic and social returns, supporting economic diversification, and fostering a private sector-friendly environment was reiterated. Addressing global economic challenges, Al Jadaan noted the unexpected decline in global inflation rates, anticipating positive impacts on the global economy, investment markets, and employment rates, thereby benefiting the Kingdom's economy. In terms of financing needs, the government plans to continue domestic and international fiscal operations to address the expected 2024 deficit and repay debts due in 2024 and the medium term. The government aims to leverage market opportunities for additional financing and implement alternative fiscal operations to support economic growth and infrastructure projects. The public debt balance is projected to reach SR1,103 billion (25.9% of GDP) by the end