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Saudi Arabia approves USD 272 bln budget for '20

RIYADH, Dec 9 (KUNA) -- Saudi Arabia's Council of Ministers on Monday endorsed Saudi Rial 1.020 trillion (nearly USD 272 billion) budget for FY 2020.
The Kingdom is determined to carry out economic reforms and diversify income including the optimal use of available resources and empowering the private sector as well as raising sufficiency of government spending to enhance development and growth rates, the Saudi Press Agency (SPA) quoted King Salman bin Abdulaziz as saying.
This spending confirms the Kingdom's keenness on completing the 2030 vision goals, he said, adding that the budget is a continuation of developing basic services and utilities for citizens and boosting social protection program as well as upgrading government services.
The King stressed the need of continuing action with all resources and energies so as to achieve the goals.
Meanwhile, Finance Minister Mohammad Al-Jadaan said that the total approved spending is SR 1,020 billion (USD 272 billion), with estimated revenues of SR 833 billion (USD 222 billion) and an estimated deficit of about SR 187 billion (USD 50 billion), a 6.4 percent of the gross domestic product). SR 167 billion (USD 44 billion) were allocated to health sector, and SR 193 billion (USD 51 billion) to education, he noted.
He said it is estimated that the percentage of total public debt at the end of the Fiscal Year 2020 will reach 26 percent of the gross domestic product, in light of the government borrowing policy that balances between the withdrawal from the State's General Reserves and other sources of financing inside and outside the Kingdom to maintain appropriate levels of local liquidity, in addition to benefit from foreign exchange flows. The review of medium-term estimates for real GDP growth rates indicates a growth of about 2.3 percent in the Fiscal Year 2020, with the pace of growth expected to continue in the medium term, he stated. (end) mdm.mmj.hm