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Today (Thursday), the Ministry of Finance announced the preliminary state of the budget for the year 2022.
The ministry estimated budget revenue for 2022 at 903 billion riyals, down 2.9 percent from what is expected to be achieved in 2021.
The ministry attributed this to the government’s approach to estimating budget revenue based on cautious criteria on the oil and non-oil revenue side. In anticipation of any development that may arise as a result of the pandemic.
It also expects total revenues to continue growing to around 992 billion riyals in 2024, driven by expectations of local and global economic recovery in the medium term after the effects of the pandemic receded and the reflection of the government pursuit. efforts to diversify the economy through the implementation of numerous initiatives and programs directly linked to the achievement of the goals of Vision 2030.
She pointed out that the state’s public expenditure was estimated at around 955 billion riyals, or about 30.2% of gross domestic product, and that the expenditure ceiling would reach around 951 billion riyals in 2024.
Ministry data revealed that it expected the new budget to record a deficit of 52 billion riyals.
The “Finances” press release predicts that financing operations worth 127 billion rials will take place during the year 2022 AD, bringing the total public debt to 989 billion rials, or 31.3% of the proceeds. gross domestic, against around 30.2% in 2021. UN D.
The state’s financial policies aim to strengthen the government’s financial position, by increasing the government’s reserves with the Central Bank to reach nearly 350 billion riyals in 2022, which is higher than what had been estimated in previous years. estimates from last year, and it continues to increase over the medium term. by budget surpluses expected in 2023. – 2024 AD.
Details of the preliminary statement of the general state budget 2022
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