#Saudi 2020 budget forecasts slight drop in spending as deficit widens - Reuters

Saudi 2020 budget forecasts slight drop in spending as deficit widens - Reuters:

Saudi Arabia announced a 1.02 trillion riyal ($272.00 billion) budget for 2020 on Monday, a slight fall in spending that reversed three years of expenditure increases intended to spur growth. 

Revenues in 2020 are forecast at 833 billion riyals, widening the budget deficit to 187 billion riyals, or 6.4% of gross domestic product (GDP), compared with a projected deficit of 131 billion riyals, or 4.7% of GDP, in 2019, according to the budget document.


Finance Minister Mohammed al-Jadaan told reporters the 2020 budget was conservative on revenues because of the global economic outlook, but the government would continue to pay a cost of living allowance to citizens.

The Saudi state news agency SPA quoted Crown Prince Mohammed bin Salman as saying: “The 2020 budget comes amid challenges, risks and protectionist policies facing the global economy, which requires flexibility in managing public finances.”