Saudi Arabia cuts Q1 deficit in half, says Al Jadaan

Saudi Arabia’s finance minister Mohammed Al Jadaan said on Saturday that the kingdom’s first quarter deficit of SAR 26 billion was cut in half from earlier projections of SAR 50 billion.

King Salman’s latest decision to restore bonuses and allowances for public sector employees and military personnel shows his dedication to provide the best for Saudi citizens, the minister said in a statement, adding that the decree will reflect positively on the country’s economy on the short-term.  

Higher liquidity will boost purchasing power, encourage investments, and help the private sector, which will eventually ease inflation, especially since the government succeeded this year in saving up to SAR 17 billion ($4.53 billion) after reviewing state projects and other expenditures, he said.

The government will push ahead with its economic reform plans in order to achieve its Vision 2030 program, Al Jadaan added.