According to the Q1 budget performance report released on Sunday, the Kingdom recorded a deficit of SR12.4 billion ($3.3 billion), marking the sixth consecutive quarterly deficit.

The revenues totaled SR293.4 billion, while expenditures reached a record SR305.8 billion.

Al-Jadaan explained that this deficit is a deliberate and sustainable approach to economic development, contrasting with mandatory borrowing for unproductive expenses in some nations.

The government is prioritizing spending to expedite the implementation of its development strategies and projects.

Al-Jadaan discussed Saudi Arabia's economic strategies, including attracting investments to stimulate growth and reduce the budget deficit.

He highlighted the importance of strategic spending, which creates jobs and enhances trade through infrastructure investments.

The minister reassured citizens that managing the budget deficit is a priority, and as long as it's directed toward productive expenses, the government considers it acceptable due to the economic returns exceeding the cost of debt.

Saudi Arabia's Finance Minister, Mohammed Al-Jadaan, discussed the country's sustainable financial policies aimed at reducing reliance on oil revenues.

In 2023, non-oil revenues accounted for 38% of the total income, up from 9% in 2015.

The ratio of non-oil revenues to covering expenditure ceilings increased from 17% in 2015 to 35% in 2023.

Al-Jadaan emphasized the importance of financial policies in promoting financial inclusion and access to funding for entrepreneurship, SMEs, and innovation, contributing to the goals of Saudi Vision 2030.

He also highlighted the significance of efficient government spending in fostering economic development and economic resilience.

The official announced the government's commitment to optimizing spending towards economic diversification strategies, with total expenditures reaching SR1.29 trillion by the end of 2023.

This includes regional and sectoral initiatives for comprehensive sectoral development and economic diversification.

The finance minister also mentioned ongoing efforts to attract domestic and foreign investments to stimulate growth and reduce the budget deficit.

Strategic spending involves allocating resources towards specific goals that align with long-term economic objectives.

The text describes how the Saudi Arabian Minister of Finance, Mohammed Al-Jadaan, explained the role of strategically guiding funds to stimulate economic growth and development.

He gave examples of investments in industrial zones, ports, and roads leading to significant growth in industrial investments and employment.

These investments also raise non-oil GDP, increasing non-oil revenues and covering debt costs.

Al-Jadaan emphasized the multiplier effect of strategic spending, creating jobs and enhancing trade through infrastructure investments.

Additionally, he highlighted Saudi Arabia's international presence over the past seven years.

Saudi Arabia's Minister of Finance, Mohammed Al-Jadaan, discussed the success of Saudi Vision 2030 in making the Kingdom a top destination for foreign investment.

The investment percentage of GDP reached 2.4%, leading to economic growth and a seven-position advancement in the Global Competitiveness Report for 2023.

Saudi Arabia also participated in regional economic integration initiatives, strengthened economic ties with neighbors, and capitalized on regional markets.

The Ministry of Finance is working to enhance international cooperation in financial policies through partnerships, expertise exchange, and development at both regional and global levels.

Saudi Arabia's Minister of Finance, Mohamed Al-Jadaan, highlighted the country's dedication to fostering international dialogue and cooperation.

He expressed pride in Saudi Arabia's robust relationships with international organizations and the significance of global collaboration for development, peace, human rights, climate change mitigation, and economic partnerships.

In 2020, Saudi Arabia successfully chaired the G20 meetings and facilitated global consensus on addressing the COVID-19 pandemic.

The Kingdom also presented initiatives like the Debt Service Suspension Initiative, which benefits developing countries, and won the bid to host the 2030 International Expo, strengthening its international position.

The Kingdom of Saudi Arabia had nominees win in various international organizations.

The IMF selected Saudi Arabia to chair the International Monetary and Financial Committee due to its recent successes and active participation in financial and monetary policies.

This decision reflects the strong relationship between the IMF and Saudi Arabia.

The IMF also opened a regional office in Riyadh as a strategic move to enhance international cooperation and promote economic stability in the region.