RIYADH — Saudi Arabia's Council of Ministers will hold a session on Wednesday, Dec. 6 to approve the state's general budget for the new fiscal year 1445/1446 AH, corresponding to 2024, according to a statement carried by the Saudi Press Agency. It is noteworthy that the Ministry of Finance had disclosed on Sept. 30 this year its pre-budget statement for the fiscal year 2024, projecting total expenditures of SR 1,251 billion and total revenues of SR 1,172 billion. The ministry anticipates a modest deficit at about 1.9 percent of the gross domestic product (GDP), emphasizing ongoing efforts to enhance spending efficiency, fiscal consolidation, and economic reforms. The pre-budget statement details estimated revenues of SR 1,172 billion for FY 2024, reaching SR 1,259 billion in FY 2026. Total expenditures are projected to be SR 1,251 billion in FY 2024, rising to SR 1,368 billion in FY 2026. The budget for FY 2024 is estimated to incur modest deficits of 1.9 percent of GDP, reflecting efforts to stabilize government revenues and invest in sustainable economic growth. The outlined strategies align closely with the pursuit of economic and fiscal reforms, as well as the objectives laid out in Saudi Vision 2030. Key focuses include stimulating domestic investment, facilitating private sector contribution, and elevating the level of services provided to citizens and residents. In December 2022, Saudi Arabia unveiled its general budget for the fiscal year 2023 with total revenues estimated at SR1130 billion and expenditures amounted to SR1114 billion, posting a surplus of SR16 billion.
