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Saudi Cabinet to hold special budget session on Tuesday

Saudi Cabinet to hold special budget session on Tuesday

Saudi Cabinet to hold special budget session on Tuesday

Nov 26, 2024

RIYADH — The Saudi Council of Ministers will hold on Tuesday, Nov. 26, a special session to present the state’s general budget for the fiscal year 1446/1447 AH (2025), the Saudi Press Agency reported on Monday.

It is noteworthy that the Saudi Ministry of Finance announced on Sept. 30, 2024 the Pre-Budget Statement for Fiscal Year 2025, which estimates total expenditures will reach SR1,285 billion, and total revenues will reach SR 1,184 billion, recording a deficit of SR101 billion. The deficit represents 2.3 percent of the gross domestic product (GDP).

The statement noted that the government will continue increasing strategic transformational spending to achieve economic diversification and sustainable growth.

According to the statement, total revenues for the financial year of 2025 are estimated to reach about SR1,184 billion, reaching SR 1,289 billion in 2027. Total expenditures are estimated to reach SR 1,285 billion, reaching SR 1,429 in 2027.

Saudi Arabia unveiled on Dec. 6, 2023 the state’s general budget for the fiscal year 2024, with total revenues estimated at SR1,172 billion and expenditures amounting to SR1,251 billion.

The budget, approved by a special session of the Council of Ministers held under the chairmanship of Custodian of the Two Holy Mosques King Salman, projected a deficit of SR79 billion.