IMF expects Saudi Arabia to achieve budget surplus in 2024

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The International Monetary Fund (IMF) expects Saudi Arabia to achieve budget deficit of 1.2% of GDP in 2023, before returning to a surplus of 0.3% in 2024.

Government revenues are forecast to reach 29.5% of GDP in 2023, and expenditure is likely to hit 29.2%, the IMF added in a recent report.

The government debt ratio is expected to reach 24.1% of GDP during 2023, and decline to 22.4% in 2024.

In a pre-budget statement, the Saudi Ministry of Finance expected a budget deficit of SAR 82 billion and SAR 79 billion in 2023 and 2024, respectively, Argaam earlier reported.