Minister of Finance: First Quarter Total Revenues Amount to SR 144,076 Billion, Up 72% Riyadh 3

The Minister of Finance Al-Jadaan said that deficit in the first quarter amounted to SR 26.211 billion, a decrease by (71%) compared to the deficit of the same period last year.
He affirmed that the trend to issue quarterly reports on the performance of the state’s budget reflects serious efforts to enhance transparency and financial disclosure, noting that the quarterly report on the first quarter, which contains better indicators than the initial estimates, shows the remarkable progress achieved in our efforts towards achieving a balanced budget.
He also stressed that the package of economic reforms adopted by the government in the fiscal balance program has helped to generate new revenues and diversify sources of income, saying that these policies have played an important role in activating policies of the spending efficiency and arranging citizens’ priorities and needs and basic services being provided for them.
Minister Al-Jadaan also pointed out that the Kingdom is firmly on the right track towards building a solid economy, more stable and diversified, and less affected by the fluctuations of global markets, especially in the oil sector.
He concluded saying “We continue to work on the issuance of periodic reports to publicize the progress we are achieving and shed light on the exerted efforts to implement measures and procedures that can make a quantum leap in social and economic aspects .”
–SPA
16:23 LOCAL TIME 13:23 GMT