Saudi Arabia approves 2022 budget, first without deficit in nearly a decade

Saudi Arabia said on Sunday it expected to post its first surplus in 2022 since nearly a decade, and it expected to continue implementing economic initiatives and reforms to enhance the quality of life of citizens.

“Expenditures in the total budget amount to 955 billion Saudi riyals ($254.6 billion), revenues estimated at 1.045 trillion Saudi riyals ($278.6 billion) and the surplus reached 90 billion Saudi riyals ($24 billion),” King Salman bin Abdulaziz said, according to state news agency SPA.

The Crown Prince Mohammed bin Salman said: “The budget was a confirmation of the results achieved from economic and financial reforms aimed at promoting economic growth and financial sustainability towards a vibrant society, a prosperous economy, and an ambitious nation.”

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SPA reported that it is expected that the deficit in 2021 will reach around 2.7 percent of GDP compared to 11.2 percent in 2020.

The Crown Prince added: “While we expect to achieve financial surpluses that may exceed 2.5 percent of GDP in 2022, these surpluses will be used to increase government reserves to counter the needs posted by the Corona pandemic, strengthen the Kingdom’s financial position, and boost its capabilities to face global shocks and crises.”

He added that the Kingdom’s sovereign wealth fund (PIF) invested 84 billion riyals ($22.39 billion) locally in 2021 and it was planning to invest another 150 billion riyals in 2022.

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