The Saudi Arabian Ministry of Finance has released their 2024 budget

 The Saudi Arabian Ministry of Finance has released their 2024 budget

Early on Sunday, the Saudi Press Agency (SPA) reported that the Kingdom's Ministry of Finance has released a preliminary summary of the budget for the fiscal year 2024, with expenditures estimated to total 1,251 billion riyals and revenues at 1,172 billion riyals.

An approximate 1.9 percent limited deficit is predicted to be reported.

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Real Gross Domestic Product (GDP) growth of 4.4 percent was predicted by Minister of Finance Mohammed bin Abdullah al-Jadaan for the following fiscal year.

Al-Jadaan also revealed forecasts for the upcoming fiscal year, which calls for invoices of 1,259 billion riyals and expenditures of 1,368 billion riyals.

The budget focuses on luring investment, boosting economic activity, and improving Saudi Arabia's public fiscal health in addition to achieving the Kingdom's goals of sustaining itself economically and directing expansionary spending to hasten the implementation of major projects and strategies.

According to the minister, "the process of analyzing the financial and monetary hazards facing the Kingdom's economy is a vital part to recognize the current situation, as it assists with adopting efficient strategies and measures to deal with these risks."

He claimed that Saudi Arabia is in a "solid financial position" notwithstanding any crisis the globe may be experiencing and their detrimental effects on the global economy, as was the case with COVID-19 and geopolitical tensions that adversely affected global supply lines.

Al-Jadaan emphasized that the Saudi Vision 2030's structural changes and sectoral and regional policies demonstrate the government's commitment to safeguarding citizens from regional and international financial consequences.