Saudi Cabinet to endorse 2023 state budget on Dec. 7

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The Saudi Cabinet is scheduled to convene tomorrow, Dec. 7, to review and endorse the state budget for the upcoming fiscal year (FY) 2023.

The Ministry of Finance earlier released a pre-budget statement for FY 2023. It forecasted 2023 public revenue at SAR 1.123 trillion and expenditures at SAR 1.114 trillion, with an expected surplus of SAR 9 billion, according to Argaam's data.

State revenues for FY 2022, according to the ministry, are projected to reach SAR 1.222 trillion, while expenditures hit SAR 1.132 trillion, with an estimated surplus of SAR 90 billion.