Media ININ Economy We Trust
Media In – Riyadh – 30 September 2018 / WAM /
Saudi Arabia’s budget will rise by 7 percent to 1.106 trillion riyals and revenues will rise to 978 billion riyals, up 11 percent, the kingdom’s finance ministry said on Thursday. Saudi Finance Minister Mohammed Al-Jadaan, during the announcement of the preliminary statement of the state budget for fiscal year 2019, stressed that the fiscal strategy contributes to reducing the deficit rates and supports the sustainability of public finances and economic growth in the medium term. He pointed out that the success of the implementation of many initiatives to develop non-oil revenues and improve the efficiency of spending and improve the mechanisms of targeting those eligible for support led to a decrease in the budget deficit during the first half of the current fiscal year 2018 amounted to about 41.7 billion riyals, a decline of 31 billion riyals from the deficit recorded in the same period of In the previous year 2017, although expenditure grew by 26 per cent during the comparison period.
