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Key Highlights of the Saudi Budget 2018

Saudi Budget 2018

King Salman chaired the Saudi Cabinet’s session at Al-Yamamah Palace, on Tuesday, during which the State’s General Budget for the fiscal year 2018 was approved.

The Current Budget

Expenditure 978 bln SAR, revenues 783 bln SAR, deficit 195 SAR

The 2018 state budget has the biggest expenditure of any budget in the kingdom’s history, and it will be funded from the following sources: 50% from oil revenues, 30% from non-oil revenues, 12% from debt and 8% from government balances

• In 2018, tax on goods and services will generate around 85 bln SAR

• The budget allocates 2.5 billion riyals a month to the Citizens’ Account in 2018

• Public debt’s percentage compared to GDP will not exceed 25% during fiscal balance phase

• General reserves will not decrease below 250 bln SAR during financial balance phase

• Gradual increase of energy, water prices as expats’ levy continues to increase as previously announced

• General expenditure in 2018 to include general budget expenditure, expenditure of Public Investment Fund, other development funds

Future Budget Plans

• Expected 2019 Saudi budget: Expenditure 1006 bln SAR, revenues 843 bln SAR, deficit 163 bln SAR

• Expected 2020 Saudi budget: expenditure 1050 bln SAR, revenues 909 bln SAR, deficit 141 bln SAR

• Expected 2021 Saudi budget: expenditure 1080 bln SAR, revenues 955 bln SAR, deficit 126 bln SAR

• Expected 2022 Saudi budget: expenditure 1107 bln SAR, revenues 1049 bln SAR, deficit 57 bln SAR

• Fiscal balance expected to be achieved in 2023 with expenditure of 1134 bln SAR, revenues 1138 bln SAR, surplus 4 bln SAR

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