#Saudi Crown Prince Says Reforms Saved Budget as Revenue Plunged - Bloomberg

Saudi Crown Prince Says Reforms Saved Budget as Revenue Plunged - Bloomberg

Saudi Crown Prince Mohammed bin Salman said economic reforms he championed had saved the kingdom from even greater austerity as revenue plunged this year, as he released a rare statement touting his yearslong overhaul.

Oil income is expected to drop by nearly a third to 410 billion riyals ($109.3 billion) this year as the fall in crude prices takes a toll on the kingdom, Prince Mohammed said in a statement published by the official Saudi Press Agency on Thursday.

Yet non-oil revenue is expected to rise 14% to 360 billion riyals, he said, with domestically unpopular tax and fee hikes helping to lessen the blow to the budget. Increasing non-oil income has been a key component of the prince’s economic transformation plan, dubbed Vision 2030, announced in 2016.

He also underscored his commitment to tackling Saudi unemployment and said the “next goal will be improving citizens’ income.”

The promises were potentially a nod to discontent among many Saudis as government austerity measures cut deeply into the pockets of the poor and the middle class, already struggling during the pandemic-induced downturn.