Riyadh Image Credit: Agency

Riyadh: Saudi Arabia is expecting total expenditures and revenues will reach about SAR1,114 billion ($269.53 billion) and SAR1,123 billion ($298.92 billion) respectively for the fiscal year 2023, the Ministry of Finance announced Friday in pre-budget statement, carried by Saudi Press Agency.

According to the pre-budget statement, surpluses of about SAR9 billion will be achieved representing about 0.2% of the total GDP, with the continuation of work to raise the efficiency and effectiveness of spending and fiscal control, and to continue strengthening the Kingdom's fiscal position, implementing economic and fiscal reforms, achieving the goals of Vision 2030, its programs, initiatives and major projects, as well as promoting the growth of local investment by building partnerships with the private sector and qualifying it to include all regions of the Kingdom.

Minister of Finance Mohammed bin Abdullah AlJadaan expected, according to the pre-budget statement, that the total revenues for 2023 will be about SAR1,123 billion, reaching about SAR1,205 billion in 2025, while it is estimated that the total expenditures for 2023 will be about SAR1,114 billion, reaching about SAR1,134 billion in 2025.