Tuesday, December 15, 2020
Saudi Arabia announces its Budget for the Fiscal Year 2021
The Council of Ministers during its weekly meeting, headed by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, announced the details of the new Saudi budget for the fiscal year 2021 with estimated revenues of 849 billion riyals.
Saudi Arabia's King Salman confirmed 990 billion riyals as expenses, and a deficit of 141 billion riyals, representing the 4.9% of the GDP for the year 2021. Trending : Saudi Arabia invites its Citizens and Expatriates to register for receiving Corona Vaccine, Vaccination to be done in 3 phases
- The session began with the recitation of verses from the Holy Quran, then the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud addressed a speech to the male and female citizens, in which he announced the budget.
- Earlier, The Finance Ministry announced a preliminary statement of the estimated budget for 2021, with public revenues estimated at 846 billion riyals and expenditures at 990 billion riyals. Read : Avoid 25% Fine, If you are carrying Gold or Money worth 60,000 riyals
- The Kingdom said the time that it plans to cut spending by 7.5% in next year's budget to 990 billion Saudi Riyals but expects the economy to return to growth as its management of the Covid-19 crisis improves, a preliminary budget statement showed.
