Saudi Gazette report

RIYADH — Saudi Arabia unveiled on Wednesday the state’s basic finances for the fiscal yr 2024, with whole revenues estimated at SR1172 billion and expenditures amounting to SR1251 billion.

The finances, permitted by a particular session of the Council of Ministers held underneath the chairmanship of Custodian of the Two Holy Mosques King Salman, projected a deficit of SR79 billion, in response to the Saudi Press Company.

Whereas presenting the finances, King Salman directed the ministers and senior officers to have their lively involvement in implementing the finances proposals together with growth and social applications and tasks. The brand new finances was introduced within the presence of Crown Prince and Prime Minister Mohammed bin Salman.

It’s noteworthy that the Ministry of Finance had disclosed on Sept. 30 this yr its pre-budget assertion for the fiscal yr 2024, projecting whole expenditures of SR 1,251 billion and whole revenues of SR 1,172 billion. The ministry anticipates a modest deficit at about 1.9 p.c of the gross home product (GDP), emphasizing the continuing efforts to boost spending effectivity, fiscal consolidation, and financial reforms. It mirrored efforts to stabilize authorities revenues and spend money on sustainable financial development.

(Growing)