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Saudi's budget deficit reduces to $19.4bn

Saudi’s budget deficit halved in the first half of the year following spending cuts that form part of an economic reform plan

Saudi's deficit shrank by 51% to $19.38bn.
Saudi's deficit shrank by 51% to $19.38bn.

Saudi’s budget deficit halved in the first half of the year following spending cuts that form part of an economic reform plan.

The deficit shrank by 51% to $19.38bn, according to Arab News. This figure reflected the progress made in improving state finances, officials said.

Mohammed Al-Jadaan, finance minister, said: “The second quarterly report shows the effectiveness of economic reforms and measures in the National Transformation Program within the Kingdom’s Vision 2030”

He added: “Although the economic challenges are still existing, we are confident that we can meet our expectations for the fiscal deficit for 2017.

As part of its economic reform plan, Saudi Arabia slashed government spending, rolled back subsidies and introduced other economic reforms under Saudi Vision 2030.

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Construction Week - Issue 751
Oct 13, 2019