Falcon powers – Saudi Finance Minister, Mohammed Al-Jadaan, downplayed concerns over the Saudi budget deficit and its potential impact on the economy. In an interview with “Al-Eqtisadiah,” the Saudi minister stated that managing the budget deficit is one of the government’s top priorities, and it is implementing strategies and policies aimed at promoting sustainable economic growth and sustainable debt management.
He added, “We are dealing with an intentional deficit at sustainable levels for the sake of economic development goals, rather than a compulsory negative deficit as seen in some countries that are forced to borrow to meet essential expenditures that may not be productive.”
Minister Al-Jadaan emphasized that the government will continue strategic spending to achieve comprehensive development targets, and it will enhance expenditure on Vision 2030 programs and major projects with sustainable economic returns.
Last Sunday, the Ministry of Finance announced the Saudi budget for the first quarter, which recorded a deficit of around SAR 12.4 billion (approximately $3.3 billion), marking the sixth consecutive quarterly deficit. Meanwhile, revenues reached SAR 293.4 billion, with record expenditures amounting to SAR 305.8 billion.
(1 USD = 3.75 SAR)
