Saudi Cabinet says 2023 budget objectives continue to strengthen Kingdom’s financial position

King Salman bin Abdulaziz Al Saud

The Saudi Cabinet, chaired by King Salman bin Abdulaziz Al Saud, said today, Oct. 4, that the 2023 budget objectives build on efforts to enhance and strengthen the Kingdom’s financial position and maintain high, positive economic growth rates.

These objectives also continue to enable the private sector, stimulate investment environment and deliver the Vision 2030 programs and projects, the state-owned SPA reported.

During its meeting, the Cabinet pointed to the advanced and unprecedented positions taken by the Kingdom in three international indices; the UN's E-Government Development Index (EGDI), the WIPO’s Global Innovation Index (GII) as well as the Education and Knowledge Indices released by the International Institute for Management Development (IMD).

The Ministry of Finance estimated public revenue in 2023 budget at SAR 1.123 trillion, and expenditures at SAR 1.114 trillion, with an expected surplus of SAR 9 billion in its pre-budget statement for the fiscal year 2023.

It also expected to generate revenue of SAR 1.222 trillion in 2022, and record expenditure of SAR 1.132 trillion with a surplus of SAR 90 billion.