HE Mohammed Al-Jadaan, Minister of Finance for Saudi Arabia, today announced the Government’s first ever quarterly budget performance update, covering the first three months of 2017. Revealed during a press conference held today at the Ministry’s headquarters in Riyadh, the first quarter budget performance update indicated an increase in revenues, an improvement in public spending efficiency and a deficit reduction, compared to the first quarter of 2016. It also highlighted that basic services provided to citizens are a top priority for Government spending.
The first ever budget update is in keeping with the Government’s commitment to transparency and accountability, and in accordance with the Open Budget Index requirements, as the country moves towards meeting the ambitious targets set out in both its National Transformation Plan and Vision 2030.
The highlights of the Q1 2017 budget update are as follows:
Revenue was SAR 144.1 billion, an increase of 72% year-on-year
Expenditure was SAR 170bn, a reduction of 3% year-on-year
Total expenditure accounts for 19% of the projected annual budget