2023-10-01 17:56:28
Saudi Arabia’s budget for the next year has been announced. A budget with a deficit of 79 billion riyals was announced. The reason for the deficit budget is that it was decided to spend money on all the big projects and social reform projects in Saudi Arabia. Saudi’s move is to spend huge amount of money till 2026.
The Saudi Ministry of Finance announced the pre-budget for the new year. An estimated revenue of 1172 billion riyals is expected in the budget with an estimated cost of 1251 billion riyals. This will result in a deficit of 79 billion riyals. The increase in cost was due to assessment of money for social reform activities as well as major projects across the country.
The expenditure is also part of the completion of major projects announced as part of the National Transformation Plan in the coming years. Budget plans are aimed at stimulating domestic investment, facilitating private sector contributions and improving the quality of services provided to citizens and expatriates.
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