Saudi Finance Minister Al-Jadaan: No Need to Worry About Budget Deficit as Saudi Economy is Strong with Future Investments

Riyadh: Saudi Finance Minister Muhammad Al-Jadaan said that there is no need to worry about the budget deficit in the first quarter of this year in Saudi Arabia. This is happening as a result of money invested in large Saudi projects that are aimed at the future. The finance minister said that this is not unexpected and that the Saudi economy is strong.

Saudi Arabia’s budget for the first quarter of 2024 was published the other day. There was a budget deficit of 3.03 billion dollars. The Saudi finance minister explains that this is not unexpected. The country’s budget deficit is not negative, but it occurs as part of important economic goals. This is the year when more money will be poured into big projects in Saudi Arabia. These are strong plans for the future. That was reflected in the budget. The minister explained.

This is in contrast to the critical negative deficits found in borrowing countries. Jad’an said that this gives strength to the goals of economic development. Internationally, the country’s economy is strong. Policies and reforms have been implemented to attract foreign investment. The minister said that investment from abroad has increased significantly due to this. Jad’an said that the opening of the regional headquarters of the IMF in Riyadh is also in this context.