Saudi Gazette report

RIYADH — Saudi Arabia unveiled on Wednesday the state’s general budget for the fiscal year 2024, with total revenues estimated at SR1,172 billion and expenditures amounting to SR1,251 billion.

The budget, approved by a special session of the Council of Ministers held under the chairmanship of Custodian of the Two Holy Mosques King Salman, projected a deficit of SR79 billion, according to the Saudi Press Agency.

While presenting the budget, King Salman directed the ministers and senior officials to have their active involvement in implementing the budget proposals including development and social programs and projects.

The new budget was presented in the presence of Crown Prince and Prime Minister Mohammed Bin Salman.

It is noteworthy that the Ministry of Finance had disclosed on Sept. 30 this year its pre-budget statement for the fiscal year 2024, projecting total expenditures of SR 1,251 billion and total revenues of SR 1,172 billion.

The Ministry anticipates a modest deficit at about 1.9 percent of the gross domestic product (GDP), emphasizing the ongoing efforts to enhance spending efficiency, fiscal consolidation, and economic reforms.

It reflected efforts to stabilize government revenues and invest in sustainable economic growth.