Saudi Q2 budget reflects strong finances, says Al-Jadaan

Key performance indicators (KPIs) of the Saudi fiscal budget reflect strong finances, in addition to the effective fiscal consolidation measures that fall in line with the National Transformation Program (NTP), said Saudi Minister of Finance Mohammed Al-Jadaan.

“The ministry is adopting a spending-efficient strategy which keeps the basic needs and services for nationals in tactm” he added.

The ministry is also committed to the highest criteria of transparency and financial disclosure, in line with Saudi Vision 2030, Al-Jadaan said, citing the high turnout for the domestic sukuk issue, which raised up to SAR 51 billion so far.

Saudi Arabia's state budget deficit shrank by a fifth from a year earlier in the second quarter of this year as revenues rose moderately and spending fell marginally.

Revenues increased 6 percent from a year ago to SAR 163.9 billion, and spending dropped 1.3 percent to SAR 210.4 billion in the second quarter.