• Minister of Finance Mohammed Al-Jadaan had earlier said that fiscal year 2020 was unusual due to the coronavirus pandemic
• In initial statement, the ministry estimated public revenue in 2021 budget at SR846 billion ($225 billion)

Arab News

RIYADH: Saudi Arabia is expected to announce its budget for 2020 and the estimated budget for 2021 on Dec. 15, as the Saudi Cabinet holds its sessions every Tuesday under the chairmanship of King Salman bin Abdulaziz Al Saud.

Minister of Finance Mohammed Al-Jadaan had earlier said that fiscal year 2020 was unusual due to the coronavirus pandemic, adding that lifting the complete lockdown led to the resumption in economic growth with promising preliminary results despite the ongoing concerns.

Saudi Arabia undertook quarterly budget announcements starting 2017, with the aim to enhance the level of transparency and financial control, and improve budget performance reports to comply with the goals of Vision 2030.

In its initial statement, the Ministry of Finance had estimated public revenue in 2021 budget at SR846 billion ($225 billion), and expenditures at SR990 billion, i.e. an expected deficit of SR145 billion.

The ministry expects the public debt to grow from SR854 billion, according to 2020 estimates, to SR941 billion in 2021, and further to SR1.016 trillion in 2022, and SR1.029 trillion in 2023, to constitute 31.8 percent of the GDP at the time.

The budget figures for the first nine months of 2020 indicated that revenue amounted to SR541.6 billion, expenditures SR725.7 billion, and a deficit of SR184.1 billion.

On Sept. 30, the Ministry of Finance said it expected that this year’s revenue would reach SR770 billion, while expenditures were projected to be SR1,068 billion, with an expected deficit of SR298 billion.

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