Saudi Finance Minister: Strategic Spending on Vision 2030 Programs, Infrastructure, and Productive Projects Boosts Economic Growth and Job Creation, Despite Budget Deficit
Saudi Finance Minister Mohammed Al-Jadaan stated that Saudi Arabia will continue investing in Vision 2030 projects, infrastructure, public utilities, and major projects that yield long-term economic benefits.
This strategic spending aims to boost economic growth, productivity, create jobs, and attract private investments.
In 2022, total spending reached SR1,293 billion, a 11% increase from the previous year, with SR186 billion allocated for capital expenditures.
However, the increased spending could widen the budget deficit, which recorded a deficit of SR12.4 billion in Q1 2024.
The text reports that Saudi Arabia's investment spending in the first quarter increased by 33% compared to the same period last year, reaching SR 34.5 billion.
Minister of Finance Mohammed Al-Jadaan stated that managing the deficit is a priority for the government, and the current deficit is intentional and sustainable for economic development.
He assured that the deficit is not debt-financed if the expenses are productive and generate an economic return greater than the cost of the debt.
Saudi Arabia's Finance Minister, Mohamed Al-Jadaan, stated that the country maintains fiscal resilience by keeping adequate government reserves and manageable public debt levels.
He emphasized the importance of efficient fiscal policies to cope with global economic fluctuations.
Al-Jadaan highlighted infrastructure, education, health, and innovation projects as long-term investments contributing to sustainable value creation.
The minister also mentioned a comprehensive review to diversify and enhance economic strategies.
The text discusses the importance of fiscal policies in promoting financial inclusion and access to finance for entrepreneurship, SMEs, and innovation in line with Saudi Vision 2030.
Saudi Arabia has implemented policies to develop the financial sector and attract foreign investment, leading to a 2.4% foreign direct investment percentage of GDP.
In 2022, total spending reached SR1,293 billion, a 11% increase from the previous year, with SR186 billion allocated for capital expenditures.
However, the increased spending could widen the budget deficit, which recorded a deficit of SR12.4 billion in Q1 2024.
The text reports that Saudi Arabia's investment spending in the first quarter increased by 33% compared to the same period last year, reaching SR 34.5 billion.
Minister of Finance Mohammed Al-Jadaan stated that managing the deficit is a priority for the government, and the current deficit is intentional and sustainable for economic development.
He assured that the deficit is not debt-financed if the expenses are productive and generate an economic return greater than the cost of the debt.
Saudi Arabia's Finance Minister, Mohamed Al-Jadaan, stated that the country maintains fiscal resilience by keeping adequate government reserves and manageable public debt levels.
He emphasized the importance of efficient fiscal policies to cope with global economic fluctuations.
Al-Jadaan highlighted infrastructure, education, health, and innovation projects as long-term investments contributing to sustainable value creation.
The minister also mentioned a comprehensive review to diversify and enhance economic strategies.
The text discusses the importance of fiscal policies in promoting financial inclusion and access to finance for entrepreneurship, SMEs, and innovation in line with Saudi Vision 2030.
Saudi Arabia has implemented policies to develop the financial sector and attract foreign investment, leading to a 2.4% foreign direct investment percentage of GDP.
Translation:
Translated by AI
