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[size=36]Saudi budget deficit worsens[/size]
Political | 09:06 - 01/11/2019
BAGHDAD balances News
Riyadh expects the budget deficit rises in 2020 to 187 billion riyals (49.86 billion dollars) from 131 billion riyals expected ($ 34.93 billion) in 2019, with revenues hit by the decline in oil prices.
He said Saudi Finance Minister Mohammad Jadaan at a press briefing before the final announcement of the budget later this year , the kingdom expects revenues of 833 billion riyals in 2020, down from 917 billion riyals expected for 2019.
Jadaan and added that it is expected that spending marginally reduced to 1.02 Real trillion in 2020, estimates of 1.048 trillion riyals in 2019.
He stressed that the government will continue to support giant projects, and increase the efficiency of spending and enable the private sector to create jobs.
The kingdom's real GDP is expected to grow 2.3 percent next year, compared with a projected 0.9 percent in 2019, he said.
On the public debt, Jadaan said it is expected to rise in 2020 to 26 percent of GDP, at 754 billion riyals, compared to 678 billion riyals, or 24 percent of GDP, expected in 2019.
Saudi Arabia is the largest oil exporter in the world It has cut crude output more than is required under an OPEC-led supply cut to support oil markets, but worries about slowing oil demand and a weak global economy are keeping crude prices under pressure, weighing on revenues.
The International Monetary Fund said earlier this year that the kingdom needed to tighten its fiscal policy to curb the impact of the increase in the deficit.
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