Riyadh – Mubasher: The Saudi Ministry of Finance (MoF) financed the country’s budget deficit with SAR 58.5 billion during the third quarter of 2017.

Budget deficit’s financing was distributed on SAR 37 billion from domestic loans, SAR 6.5 billion from 2016 current account, and withdrawing SAR 15 billion from reserves’ account of Q3-17 to finance the deficit of SAR 48.7 billion, the MoF’s report showed.

Total withdrawals from the Saudi reserves reached SAR 30 billion during the first nine months of 2017, the ministry’s report added.

Saudi Arabian general reserves inched down 0.76% or SAR 4.7 billion to reach SAR 612.68 billion by the end of September, compared to SAR 617.39 billion in August, the Saudi Arabian Monetary Authority‘s (SAMA) data revealed.

General reserves consist of surplus of budget's revenues, make up the governmental deposits and reserves, includes the governmental current account, and withdrawing from it is implemented only by royal decree.

Saudi Arabian budget deficit stood at SAR 121.5 billion, while financing the deficit amounted to SAR 139.3 billion during the first nine months of 2017.

The government’s current account decreased 4.4% or SAR 1.145 billion to reach SAR 24.7 billion in September, compared to SAR 25.9 billion in August.

Most of Saudi expenses as salaries, are paid from the current account, while the nation's oil and non-oil revenues are deposited in the current account.