Saudi Gazette report

RIYADH – Saudi Arabia’s total budget revenues posted an increase of 48 percent, reaching SR 245.406 billion in the first quarter of 2019 as against SR 166.263 billion during the same period last year. Non-oil revenues recorded an increase of 46 percent, amounting to SR 76.319 billion compared to SR 52.316 billion while oil revenues increased by 48 percent, reaching SR 169.087 billion compared to SR 113.947 billion during the same period, the Saudi Press Agency reported.

This information was contained in the Quarterly Report of the General Budget Performance for the current fiscal year, released by Minister of Finance Mohammed Al-Jadaan on Wednesday. Total expenditure rose 8 percent, amounting to SR 217.57 billion in the first quarter compared to the same quarter of the previous year. The total deficit amounted to SR 25.466 billion while the public debt reached SR 610.648 billion by the end of the first quarter of 2019.

Jadaan said the fiscal data, reflect improvement in the public finance performance as a result of efforts of the government of Custodian of the Two Holy Mosques King Salman. “The report included several indicators that reflect the government’s commitment to transparency and disclosure, strengthening of the public fiscal governance and regulation and achievement of the Fiscal Balance Program objectives,” he said.

Al-Jadaan said that fiscal targets for 2019 are still on track. “Expenditure outlays on development projects are expected to increase during the remainder of the year especially on Vision Realization Programs and private sector development programs, alongside increasing expenditure on social protection. The latter includes spending on education, health, social development, Citizen Account, social security benefits, cost of living adjustment and student rewards.”

Jadaan expected continued growth in non-oil revenues, contributing to reaching the budget deficit and debt targets. The minister affirmed that the stability and improvement of fiscal performance is a fundamental pillar of comprehensive and sustainable economic growth in the short and medium terms, and as such, it contributes to achieving the economic and social objectives of the Kingdom’s Vision 2030.