The Saudi general budget recorded revenues of approximately 326.01 billion riyals during the first half of fiscal year 2020, expenditures of 469.36 billion riyals, and a deficit of 143.34 billion. Revenues fell by 36 percent compared to the same period last year, when they totaled approximately 506.11 billion riyals, while expenditures declined by 8 percent compared to approximately 511.79 billion riyals.<\/p>\n\n\n\n
The Saudi government reduced its actual spending during the first half of this year by 8 percent\u2014\u201c42.4 billion riyals\u201d\u2014to 469.4 billion riyals, compared with 511.8 billion riyals during the same period last year.<\/p>\n\n\n\n
The fact that government spending is being cut at a slower pace than revenue is declining reflects the Saudi government\u2019s commitment to promoting economic growth in the country.<\/p>\n\n\n\n
Actual spending during the first half of this year accounts for about 46 percent of the total estimated budget spending for the full year, which amounts to 1,020 billion riyals.<\/p>\n\n\n\n
Saudi Finance Minister Mohammed Al-Jadaan, had previously announced that the Saudi government had decided to cut government spending this year by 50 billion riyals\u2014less than 5 percent of the expenditures approved in the 2020 budget\u2014as a result of the fallout from the coronavirus and the decline in oil prices.
The minister stated that the cuts would target certain budget items with the least social and economic impact, and that spending on travel, secondments, and events would be postponed, while funding for the health sector would be increased to combat the coronavirus. The Saudi government had estimated the 2020 budget at revenues of approximately 833 billion riyals, compared with expenditures of 1,020 billion riyals, projecting a deficit of about 187 billion riyals.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>The Saudi general budget recorded revenues during the first half of fiscal year 2020 of about 326.01 billion riyals, expenses of 469.36 billion riyals, and a deficit of 143.34 billion riyals. Revenues fell 36 percent, compared to the similar period last year, which amounted to about 506.11 billion riyals, and expenditures fell 8 percent, compared to 511.79 billion riyals. The government reduced ... 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