Fiscal Sustainability Program to develop clear financial rules on setting spending ceilings: Al-Jadaan

Saudi Minister of Finance Mohammed Al-Jadaan 

Saudi Minister of Finance Mohammed Al-Jadaan said the Fiscal Sustainability Program is working to develop a clear plan and financial rules to set the spending ceilings away from the expected revenue for 2022. 

In a press conference after announcing 2022 budget, Al-Jadaan indicated that spending ceilings were set at SAR 941 billion and SAR 951 billion for 2023 and 2024, respectively. 

The minister added that the total revenue will likely reach around SAR 968 billion in 2023 and SAR 992 billion in 2024. 

The Kingdom is also expected to record surplus of SAR 27 billion and SAR 42 billion in 2023 and 2024, respectively, Al-Jadaan noted.

The consumer indicators recorded positive growth rates until October 2021 and the performance of the private sector indicators showed remarkable economic recovery.

The Bank of Small and Medium Enterprises will start to support such enterprises in 2022.

The gross domestic product (GDP) will likely grow by 7.4% in 2022, driven by the increase in oil output and non-oil GDP that would rise by an average of 5%, the minister said.

He added that the private sector's dues reached SAR 220 billion in 2021, 97% of which was paid in 14 days.