The Saudi Arabian Ministry of Finance has unveiled its pre-budget announcement for the fiscal year 2024, disclosing key financial forecasts and strategies on Saturday.
The statement outlines a total expenditure of SAR 1,251B (approximately $337.77B) and total revenues of SAR 1,172B (approximately $316.44B), with an estimated deficit of about 1.9 percent of GDP.
Minister of Finance, Mohammed Al-Jadaan, underlined the government’s dedication to economic reforms and the objectives of Saudi Vision 2030.
The strategies presented in the pre-budget statement align closely with these objectives, concentrating on domestic investment, private sector involvement, and enhanced services for citizens and residents.
The statement highlights proactive structural and fiscal reforms aimed at bolstering Saudi Arabia’s economic resilience, according to Arabian Business.
Charting a Sustainable Economic Course: Saudi Arabia’s Vision 2030 and Fiscal Strategy
Encouraging signs encompass sustained GDP growth, expansion of the non-oil sector, and a growing workforce.
Social protection programs continue to receive backing, in accordance with the goals of the Fiscal Sustainability Program.
The government intends to allocate funds strategically to expedite major initiatives, attract investments, and stimulate the local economy.
Minister Al-Jadaan underscored the significance of Vision 2030 in propelling economic growth.
Structural reforms aim to bolster non-oil GDP in the medium term, contributing to the diversification of the Kingdom’s economy.
Despite global challenges such as the COVID-19 pandemic and geopolitical tensions, Minister Al-Jadaan reassured that Saudi Arabia’s economy remains robust, with substantial reserves and sustainable debt levels, offering fiscal flexibility to tackle potential crises.
The budget for the fiscal year 2024 is anticipated to result in a minor deficit of 1.9 percent of GDP, with the government following an approved annual borrowing strategy to fund it and fulfil debt obligations.
The Ministry of Finance’s release of the pre-budget statement seeks to enhance transparency, fiscal disclosure, and fiscal planning within a comprehensive framework for the medium term, ensuring that stakeholders and the public are informed about significant economic developments and initiatives aligned with the goals of Saudi Vision 2030.