Comprehensive development, new jobs for citizens Saudi Arabia’s top priority, says Al-Jadaan

Minister of Finance Mohammed Al-Jadaan

Minister of Finance, Mohammed Al-Jadaan, affirmed that achieving comprehensive development, providing job opportunities and new businesses, and raising the quality of life of citizens and residents is the top priority for the Kingdom’s government.

The budget underlines the government's keenness to maintain financial sustainability, continue working to enhance the principle of transparency and disclosure, adopt consistent policies to confront global crises, and enable the private sector to drive economic growth in the medium term.

The government plans in 2023 and the medium term to maintain its effort to raise the efficiency of spending and financial control, as it aims to achieve comprehensive development on the levels of regions and sectors, as well as to develop promising sectors that contribute to achieving economic and social returns in the medium and long term, and to localize military industries, while continuing to implement programs and initiatives of the social support and protection system.

Al-Jadaan added that the 2023 budget affirms the government commitment to continue its effort and achieve objectives in the medium and long run.

The budget helps enhance financial stability, achieve financial sustainability, and continue economic and structural reforms, to strengthen the Kingdom’s financial position.

It also enhances economic resilience and its ability to go in tandem with accelerated global variables, Al-Jadaan added, noting that the budget helps continue implementation of the projects that support economic growth and comprehensive development.

The Ministry of Finance announced, on Dec. 7, the state’s general budget 2023. It estimated expenditure at SAR 1.114 trillion and revenues at SAR 1.130 trillion, with an expected surplus of SAR 16 billion.

Total expenditures are expected to reach SAR 1.132 trillion, while revenues are projected at SAR 1.234 billion for 2022, while with an estimated surplus of SAR 102 billion.