Saudi approves 2023 budget with 4.26-bln-USD surplus-Xinhua

Saudi approves 2023 budget with 4.26-bln-USD surplus

Source: Xinhua

Editor: huaxia

2022-12-08 06:18:45

RIYADH, Dec. 7 (Xinhua) -- The Saudi cabinet approved on Wednesday the state budget with a surplus of 16 billion Saudi riyals (4.26 billion U.S. dollars).

The budget was approved during a cabinet session led by Saudi Arabian King Salman bin Abdulaziz Al Saud, the Saudi Press Agency reported.

The budget includes revenues of 1.13 trillion riyals and spending of 1.114 trillion riyals.

Saudi Arabian Crown Prince Mohammed bin Salman Al Saud said the 2023 state budget aims to prioritize spending on capital projects according to regional and sectoral strategies, expecting the surplus to be about 2.6 per cent of the GDP.

He said the surplus achieved in the budget would be directed to strengthening government reserves, supporting national funds, and strengthening the financial position of the kingdom.