The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, revealed the new Saudi budget for the current year 2020, which is estimated at 1020 billion riyals.
In a related context, King Salman described the Kingdom’s budget for the coming year as “enhancing the development process in the Kingdom and aiming to perpetuate economic and financial growth and stability.”
In this regard, King Salman bin Abdulaziz Al Saud confirmed the intention of the Saudi government to "implement reforms on the economic level."
And King Salman bin Abdulaziz Al Saud added in a Hadith on income sources that there will be a lot of diversification in order to advance the economy of the Kingdom of Saudi Arabia.
The future of expats in the Saudi budget 2020 and new features
And King Salman bin Abdulaziz Al Saud added that the investments will be invested in the Kingdom of Saudi Arabia during the next year and that the proceeds of Aramco's offering are made by the Public Investment Fund.
Saudi Arabia's 2020 budget .. 833 estimated revenues and expenses 1020 billion
On the one hand, King Salman bin Abdulaziz Al Saud stressed the new approach of the Saudi government in the ideal way in order to use all the resources of the Kingdom of Saudi Arabia and exploit them in the most beautiful way.
And King Salman bin Abdulaziz Al Saud added that now and beginning of next year, there will be an increase in the efficiency of all manpower, whether expatriate or expatriate in the Kingdom of Saudi Arabia.
King Salman passes the Saudi budget for 2020
The Saudi king indicated that next year will witness transparency from the government spending, which amounts to 1.020 trillion riyals in next year's budget.
The Saudi monarch, Ali, stressed that the budget of the Kingdom of Saudi Arabia for the next year 2020 "is a continuation of the government policy in developing basic services and facilities for citizens, raising the level of quality of life and sustaining housing plans, and directed us to extend the exchange of the high cost of living."
On the other hand, the 2020 budget included a deficit that currently amounts to about 187 billion riyals.
Finance Minister Mohamed Al-Jadaan said that the actual spending for the year 2019 is expected to reach 1,048 billion riyals, total actual revenues of about 917 billion riyals, and a deficit of 131 billion riyals (4.7% of GDP).
On the one hand, Finance Minister Mohammed Al-Jadaan said that the budget for next year 2020 confirms the Kingdom of Saudi Arabia’s keenness to continue implementing the major spending plans.
Finance Minister Mohamed Al-Jadaan added that next year the Kingdom will witness the implementation of very large projects, vision realization programs, infrastructure development, social protection network programs, and the development of services provided to citizens according to the Kingdom's 2030 vision.
Finance Minister Mohamed Al-Jadaan added that the 2020 budget will have a lead in focusing on the health sector and the education sector in the Kingdom of Saudi Arabia, as what has been allocated to the health and social development sector reached about 167 billion riyals, and the education sector about 193 billion riyals, representing a percentage of about Thirty-five of the total approved spending.