The Ministry of Finance announced the Kingdom's general budget projections for the fiscal year 2024, with revenues of 1.172 trillion riyals in 2024, while the approved expenses amount to 1.251 trillion riyals, while the expected deficit in the Kingdom's 2024 budget is about 79 billion riyals.

The ministry said that its updated estimates for the 2023 budget indicate an expected deficit of about 82 billion riyals, with revenues amounting to 1.193 trillion riyals, a decrease of 5.9% compared to the previous year, and attributed this mainly to the decline in oil prices in the current year compared to 2022.

The ministry said that the updated estimates for the 2023 budget indicate an expected deficit of about 82 billion riyals. The ministry predicted that spending for fiscal year 2023 will reach about 1.275 trillion riyals, an increase of 9.5% over the actual expenditures of 2022 as a result of the Kingdom's aspirations to focus on strategic expansionary spending directed to promising sectors with sustainable economic and social returns."

The statement said that the government is expected to spend about 1.275 trillion riyals, an increase of 9.5% compared to the previous year. The statement said that during the coming year and in the medium term, the government intends to expand spending mainly directed to development programs and projects and regional and sectoral strategies to promote sustainable economic growth, improve and raise the quality of public services and develop infrastructure in various regions of the Kingdom."

The statement added that it will focus on strategic expansionary spending directed to promising sectors with sustainable economic and social returns. <It will also seek to empower the private sector and stimulate the investment environment. She added that preliminary estimates indicate real GDP growth of 0.03% at the end of 2023 and expected the Kingdom's economic growth to accelerate to 4.4% next year.

She added that she will also seek to empower the private sector and stimulate the investment environment. It noted that it expects the Kingdom's public debt to reach about 1.024 trillion riyals by the end of 2023, equivalent to 24.8% of GDP in the current year and 1.103 trillion riyals in 2024, equivalent to 25.9% of GDP.

The ministry expected to continue domestic and external borrowing operations to finance the expected budget deficit and repay the principal due in 2023 and in the medium term, as well as taking advantage of available opportunities depending on market conditions to carry out additional proactive financing operations to repay the principal for the coming years and finance some strategic projects.

The ministry estimates that total expenditures in 2026 are expected to rise to 1.368 trillion riyals.

The ministry estimates that total expenditures in 2026 are expected to rise to 1.368 trillion riyals. <It stated that it expects the average inflation rate to reach 2.6% by the end of this year.

It expects the Kingdom's public debt to reach 1.024 trillion riyals by the end of this year and 1.103 trillion riyals in 2024.

The ministry projected total expenditures in 2026 to rise to 1.368 trillion riyals.