Saudi Arabias Council of Ministers to hold a session to approve the states general budget for the new fiscal year

According to a statement cited by the Saudi Press Agency, the Council of Ministers of Saudi Arabia will convene on Wednesday, December 6, to adopt the state's general budget for the upcoming fiscal year, 1445/1446 AH, or 2024.

Notably, the Ministry of Finance released its pre-budget statement for the fiscal year 2024 on September 30 of this year, estimating SR 1,251 billion in total expenses and SR 1,172 billion in total revenues. With a focus on continuing initiatives to improve expenditure efficiency, fiscal consolidation, and economic reforms, the ministry projects a moderate deficit of around 1.9 percent of GDP.

Predicted revenues of SR 1,172 billion for FY 2024 and SR 1,259 billion for FY 2026 are shown in the pre-budget statement. It is anticipated that total spending would be SR 1,251 billion in FY 2024 and SR 1,368 billion in FY 2026. Estimated mild deficits of 1.9 percent of GDP are expected in the FY 2024 budget, which reflects efforts to stabilise government revenues and invest in sustained economic growth.

The initiatives that have been established are in close alignment with the goals set in Saudi Vision 2030, as well as the pursuit of economic and budgetary reforms. Three main objectives are to increase private sector participation, encourage domestic investment, and raise the standard of services offered to citizens and communities.

Saudi Arabia presented its general budget for the fiscal year 2023 in December 2022. The country's overall earnings were projected to be SR1130 billion, while its expenses came to SR1114 billion, leaving an SR16 billion surplus.