Saudi Arabia likely to allocate bulk of 2022 budget surplus to reserves: Al-Jadaan

Finance Minister Mohammed Al-Jadaan

Finance Minister Mohammed Al-Jadaan revealed that a decision will be issued within two weeks as regard to allocation of budget surplus for the fiscal year 2022.

He expects the bulk of the surplus to be allocated to boost reserves, adding that he does not think the Public Investment Fund (PIF) will receive a part of the surplus, Reuters reported.

Saudi Arabia posted revenue of SAR 1.26 trillion and expenditure of SAR 1.16 trillion in 2022, with a surplus of almost SAR 103.9 billion, according to Argaam's available data.