Saudi Arabia Approves 2024 Budget with 21-Billion Dollars Deficit

The budget estimated total revenues for the fiscal year 2024 at 1.172 trillion riyals and total expenditures at 1.251 trillion riyals, with a deficit of 79 billion riyals.

The budget was approved at a cabinet session chaired by Saudi King Salman bin Abdulaziz Al Saud, during which he directed ministers and senior officials to actively commit to implementing a group of developmental and social programs included in the budget, the Saudi Press Agency reported.

Following the session, Saudi Crown Prince Mohammed bin Salman Al Saud highlighted that the government would push forward with financial and economic reforms to achieve sustainable economic growth.

Also serving as the prime minister, the crown prince said his government is committed to increasing the expenditures on projects and strategies to reinforce economic growth and to improve public services.

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