Saudi finance ministry to announce Q1 state budget tomorrow

Saudi Arabia’s finance minister, Mohammed Al Jadaan, will announce the quarterly budget report on Thursday in a press conference, marking the Kingdom’s first-ever disclosure of quarterly results.

The ministry is expected to announce the Q1 budget, including revenue, expenses, deficit, and public debt.

The announcement comes as part of Saudi Arabia’s Vision 2030 initiative, which aims to promote transparency.

Last month, Al Jadaan said that Saudi Arabia’s Q1 deficit of SAR 26 billion came in at half the value of earlier projections of SAR 50 billion.

The Kingdom revealed plans in December to increase spending to SAR 890 billion in 2017 to boost economic growth.

Meanwhile, the deficit was projected to shrink to SAR 198 billion this year on higher oil prices and non-oil revenues, while revenue was estimated at SAR 692 billion.