RIYADH: The Kingdom of Saudi Arabia unveiled its general budget for the fiscal year 2024 on Wednesday, with total revenues of SR1,172 billion and expenditures set at SR1,251 billion.
The budget, approved in a special session of the Council of Ministers led by Custodian of the Two Holy Mosques King Salman, forecasts a deficit of SR79 billion, as the Saudi Press Agency reported.
During the budget presentation, King Salman directed ministers and senior officials to actively participate in implementing budget proposals, emphasizing development, social programs, and projects.
The Saudi Crown Prince and Prime Minister Mohammed Bin Salman was present during the budget meeting.
The Ministry of Finance had previously revealed a pre-budget statement on September 30, projecting total expenditures of SR1,251 billion and total revenues of SR1,172 billion for the fiscal year 2024.
The ministry anticipates a modest deficit, approximately 1.9 percent of the gross domestic product (GDP), highlighting ongoing efforts to enhance spending efficiency, achieve fiscal consolidation, and implement economic reforms.
The budget reflects the country’s commitment to stabilizing government revenues and fostering sustainable economic growth.
