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FinancialNews
02-11-19
Saudi Arabia to face higher budget deficit in 2020
(MENAFN) Saudi Arabia said Thursday it expects its budget deficit to widen next year to USD49.86 billion, projecting a shortfall for the seventh year in a row amid low oil prices.
Mohammed al-Jadaan, Finance Minister said in a statement ahead of a final budget announcement in December that it marks a considerable increase from a projected budget deficit of USD35 billion for this year.
"It is projected that expenditure will reach USD272 billion in 2020, focusing on improving the efficiency of spending without any disruption to diversification and transformation plans," the statement said.
"Revenues are projected to reach about USD222 billion in 2020, while the budget deficit is projected reach about 6.5 percent of GDP."
MENAFN0211201900450000ID1099211031
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