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Saudi Arabia approves 2020 budget

Saudi Arabia approves 2020 budget
King Salman bin Abdulaziz Al Saud of Saudi Arabia

Riyadh – Mubasher: King Salman bin Abdulaziz Al Saud approved on Monday the public budget for 2020, during a meeting for the Saudi Cabinet.

The 2020 budget indicates a total expenditure of SAR 1.02 trillion, SAR 833 billion of projected revenues, and an expected budget deficit of SAR 187 billion, equivalent to 6.4% of the gross domestic product (GDP).

For fiscal year (FY) 2019, the Saudi Ministry of Finance expects actual expenditures to reach SAR 1.048 trillion, while total actual revenues are expected to reach SAR 917 billion, with the deficit expected to amount to SAR 131 billion, or 4.7% of the estimated 2019 GDP.

Moreover, King Salman ordered the extension of the cost of living allowance for an additional year until the end of 2020.

This is the second budget in the history of the Kingdom to include projected spending of more than SAR 1 trillion after last year’s.

“The budget demonstrates the government's keenness to enhance and sustain economic growth while ensuring fiscal sustainability. We have adopted economic policies that target the growth of non-oil GDP, improving the quality of services provided to our citizens, and raising the efficiency and effectiveness of government spending, especially social spending,” Saudi Minister of Finance, Mohammed Al Jadaan, said in an official statement.

“Simultaneously, the government continues its steadfast commitment to empowering the private sector’s role in the economy, job creation and diversification of investment under the umbrella of Saudi Vision 2030 objectives,” the minister added.