During a Cabinet meeting in Riyadh on December 4, Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud presided over a thorough evaluation of the Saudi Arabian budget for the fiscal year 1445/1446 Hijri (2024).
The budget outlines key projections and priorities to ensure fiscal stability and support ongoing developmental and social initiatives.
Revenue Projections:
The Kingdom anticipates total revenues of SR1.172 trillion ($312.5 billion), reflecting a comprehensive assessment of various economic factors. These revenues play a pivotal role in funding critical government functions and initiatives.
Expenditure Allocation:
The budget allocates expenditures totaling SR1.251 trillion ($334 billion), encompassing various sectors and strategic priorities. The allocation is designed to address essential needs, promote economic growth, and enhance social well-being.
Deficit Estimates:
Despite meticulous planning, the budget anticipates a deficit of approximately SR79 billion ($21 billion). The deficit reflects the variance between projected revenues and planned expenditures, highlighting the need for responsible financial management.
Cabinet Review and Approval:
During the Cabinet session, King Salman bin Abdulaziz Al Saud and the ministers scrutinized the budget's components, assessing their alignment with the Kingdom's overarching goals and objectives. Subsequently, the Cabinet issued its decision, endorsing the state's general budget for the fiscal year 1445/1446 Hijri (2024).
Implementation Focus:
Emphasizing a proactive approach, the Custodian of the Two Holy Mosques directed ministers and officials to actively commit to the effective implementation of the development and social programs outlined in the budget. This directive underscores the government's commitment to translating fiscal allocations into tangible outcomes that positively impact the nation's development and the well-being of its citizens.
In summary, Saudi Arabia's 2024 budget represents a meticulous effort to balance revenues and expenditures, address key priorities, and foster sustainable development. The government's focus on responsible financial management and the successful execution of the outlined programs will play a crucial role in realizing the Kingdom's vision for progress and prosperity.
