In a significant move, Saudi Arabia revealed its ambitious 2024 budget during a special session chaired by Custodian of the Two Holy Mosques King Salman. The budget forecasts total revenues reaching SR1,172 billion, while expenditures are set at SR1,251 billion, projecting a manageable deficit of SR79 billion.

This comprehensive budget, approved with the active involvement of ministers and senior officials, emphasizes the commitment to implementing development and social programs outlined in the proposals. Notably, Crown Prince and Prime Minister Mohammed Bin Salman graced the occasion, underscoring the high-level endorsement of the fiscal plan.

The Ministry of Finance had earlier unveiled its pre-budget statement on September 30, forecasting expenditures and revenues for the fiscal year 2024. With a modest deficit of approximately 1.9% of the GDP, the budget highlights the nation's dedication to optimizing spending efficiency, fiscal consolidation, and ongoing economic reforms.

This strategic financial plan demonstrates Saudi Arabia's efforts to stabilize government revenues and channel resources towards sustainable economic growth. As the country navigates economic challenges, the 2024 budget serves as a crucial roadmap for achieving fiscal stability and fostering long-term prosperity.