Saudi Budget 2024: Anticipated Spending of SAR 1.251 Bn, Revenues of SAR 1.172 Bn

Saudi Budget 2024: Anticipated Spending of SAR 1.251 Bn, Revenues of SAR 1.172 Bn

Saudi Arabia’s Finance Ministry has announced a preliminary statement of budget for the fiscal year 2024 with expenditures valued at SAR 1,251 billion and revenues projected to be SAR 1,172 billion.

A limited deficit is estimated to be recorded at about 1.9 percent.

Finance Minister Mohammed al-Jadaan reaffirmed the Saudi government’s commitment to ongoing structural reforms on both the financial and economic fronts.

These reforms aim to foster economic growth, diversify the economy, and sustain economic growth rates while maintaining financial sustainability.

According to al-Jadaan, this will be achieved through the continued implementation of programs and projects outlined in the Kingdom’s national transformation plan, “Vision 2030”.

The launch of various initiatives and strategies will also help in the development of promising economic sectors, attracting investments, stimulating industries, and increasing both local content and non-oil exports in Saudi Arabia.

The minister further emphasized the significant and active role played by the Public Investment Fund and development funds in ensuring the ongoing implementation of structural reforms.

These reforms aim to boost the growth of non-oil sector activities at high and sustainable rates over the medium term, said al-Jadaan.

He also projected a growth in real Gross Domestic Product (GDP) by 4.4% for the upcoming fiscal year.

In addition to achieving the