toward filling the reserves, Mohammed al-Jadaan told Al Arabiya

Saudi Arabia’s finance minister said that any surplus in the Kingdom’s budget for 2022 will be used toward filling the reserves, Mohammed al-Jadaan told Al Arabiya during an interview.

Al-Jadaan added that there is currently no intention to transfer additional funds from the Kingdom’s central bank to the sovereign wealth fund and that he does not expect dividends from the Public Investment Fund in the coming years.

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The Kingdom’s Public Investment Fund (PIF) plans to invest up to 1 trillion riyals ($266.57 billion) in the domestic economy by 2025, Yasir al-Rumayyan, the sovereign wealth fund’s governor said on Monday at the forum.

Saudi Arabia said on Sunday it expected to post its first budget surplus in nearly a decade next year, as it plans to restrict public spending despite a surge in oil prices that helped to refill state coffers hammered by the pandemic.

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