Saudi Arabia deals with budget surplus for the first time as it approves budget for 2022
Saudi Arabia–On Sunday, Saudi Arabia approved its budget for 2022 where the country saw a surplus for the first time in seven years. Like most other nations, Saudi Arabia also had hurdles while dealing with the fiscal situation due to Covid-19 pandemic and the same was asserted by the country’s leader as well.
King Salman stressed that despite being the biggest oil exporter in the world, it had its share of financial hurdles but in spite of that, it has also overcome the “economic repercussions and the exceptional stages of the coronavirus pandemic.”
As per the reports published in the local media, the King also detailed out the budget saying that the total expenditure summed up at 955 billion Saudi riyals ($255 billion) while the revenues totalled up at 1.045 trillion riyals. This meant a total of 90 billion riyals added as the surplus value.
If the current data regarding the economy of the country is taken into account then it becomes clear that the largest economy of the Arab world will be witnessing a surplus since 2013 when it had reached a sum of 206 billion riyals.
The leader said that their aim is to play attention to the health and security of the citizens and residents of the nation along with aspects like ‘ human development, the continuation of economic growth and diversity, and financial sustainability.’
Oil is undoubtedly the driving factor of the Kingdom’s economy but it was later on realised by the leaders that it might not be a long term solution to the economic stability and hence since 2016, the nation started to focus on other developmental aspects as well.