The Budget – Saudi Arabia unveiled yesterday the general outline of the budget for the fiscal year 2021, affirming its continued support for spending and the injection of financial resources into the country, as well as the priority given to healthcare.
In his comprehensive speech on this occasion, the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, may God protect him, said: «We are announcing the budget for the coming fiscal year, continuing to advance the path of development and prosperity,» emphasizing that this budget prioritizes protecting the health and safety of citizens and residents, and continuing efforts to mitigate the effects of the pandemic and boost growth in the national economy.
Highlights of the General Budget
King Salman, may God protect him, explained while presiding over a Cabinet meeting that budget expenditures totaled 990 billion riyals, noting that revenues were estimated at 849 billion riyals, with a deficit of 141 billion riyals, representing 4.9 percent of gross domestic product.
The Custodian of the Two Holy Mosques, may God preserve him, added in his speech: «The world has gone through an unprecedented pandemic—the COVID-19 pandemic—which has negatively impacted the global economy,» adding: “The Kingdom is part of the world… and has not been immune to the effects of the crisis on both public finances and the economy.” He continued: “The health measures, fiscal and economic initiatives we have taken, and the reforms that came with the adoption of ”Vision 2030" have helped mitigate the negative impacts on citizens and residents of the Kingdom and on our economy."
King Salman, may God preserve him, emphasized the need to continue the path of economic growth and comprehensive development, to move forward with improving services, supporting the private sector, and preserving jobs for citizens within it, implementing housing programs and projects, and achieving the Vision’s goals, while emphasizing the need to improve the efficiency of government spending, prioritize social protection, reduce waste, and combat corruption. He also stressed the importance of implementing budget projects.
