RIYADH | SAUDI ARABIA – Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud approved on Monday the Kingdom’s budget 2020 with spending projected at $272 billion, with revenues estimated at $222 billion.
During a cabinet meeting in Riyadh, King Salman said his government is determined to continue to diversify sources of income and sway the kingdom away from reliance on oil.
He stressed that this level of spending is in line with achieving the goals of Vision 2030. The budget bolsters development in the Kingdom and aims to achieve economic and financial stability and growth.
He added that the Kingdom was determined to continue the implementation of economic reforms, diversify sources of income and empower the private sector.
The Kingdom project a budget deficit of $50 billion for 2020, up $15 billion on this year, according to an official statement read on state-run TV.
The finance ministry later said that actual spending in 2019 came at $279.5 billion and revenue at $244.5 billion.