The Ministry of Finance revealed on Sunday the general budget figures for the second quarter of 2017, revealing a total first half revenue of SAR 307,982 billion, registering an increase of (29%) compared to the same period last year, while the deficit decreased to 51% from last year, reaching SAR 72,728 billion.
The Ministry of Finance revealed on Sunday the general budget figures for the second quarter of 2017.
Highlights of the first half budget
- Total revenues for the first half amounted to SAR 307,982 billion, an increase of (29%) compared to the same period last year.
- Total expenses for the first half amounted to SAR 71.380 billion, a decrease of (2 %) compared to the same period last year.
- The deficit in the first half amounted to SAR 72,728 billion, a decrease of (51 %) compared to the same period last year.
- Socially important sectors such as education, health, social development and municipal services accounted for 46% (%) of the first half budget expenditures.
Effectiveness of economic reforms and measures
During the press conference, His Excellency the Minister of Finance, Mr. Mohammed Al-Jadaan, stressed that the figures shown in the budget reflect the improvement in the performance of the state's public finances, in addition to confirming the progress made in achieving a balanced fiscal performance in the medium term.”About the challenges. <On the challenges, Minister Al-Jadaan said: “Although economic challenges remain, we are confident in our ability to achieve our fiscal deficit forecast for 2017, and the second quarterly report shows the effectiveness of the economic reforms and measures that came in the National Transformation Program within the Kingdom's Vision 2030.”
Minister Al-Jadaan said.
Boosting non-oil revenues
These reforms have contributed to generating more non-oil revenues and improving spending efficiency, leading to a state of fiscal balance as a strategic goal in the medium term, thus reflecting positively on the national economy and the well-being of citizens.“His Excellency added: ”The second quarterly report shows the effectiveness of the reforms and economic measures that came in the National Transformation Program within the Kingdom's Vision 2030. <His Excellency added: “In its latest report, the International Monetary Fund praised the progress made by the Kingdom, reinforced its positive outlook for the growth of the non-oil sector, and expressed confidence in the continued successes and high demand for the Kingdom's local and international bond and sukuk issuance programs.”
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H. <His Excellency also emphasized that the Ministry of Finance is committed to transparency and financial disclosure, saying: "We are fully committed to applying the highest standards of transparency and financial disclosure through the publication of data and periodic reports to maintain the confidence of all stakeholders in the progress we are making in achieving the goals of the Kingdom's Vision 2030."
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