Saudi Press: Ministry of Finance Publishes Quarterly Budget Performance Report for Q1 of FY 2021

Thursday 1442/9/24 - 2021/05/06
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Riyadh, May 06, 2021, SPA -- Saudi newspapers highlighted in their editorials today a number of issues at local, regional and international arenas.
Al-Riyadh newspaper reported in its editorial that the government of the Kingdom of Saudi Arabia has focused on presenting the latest developments and changes to the citizens since the launch of the Kingdom’s Vision 2030, due to their primary role in supporting the state and implementing the vision's programs.
In this regard, the newspaper pointed to the Ministry of Finance report about the Kingdom's budget performance for the first quarter of 2021. According to the report the revenues reached SAR 204.8 billion, while the budget spending amounted to around SAR 212.2 billion.
The newspaper further said that the budget indicators confirm the success of the Kingdom's Vision 2030 programs regarding economic diversification, improving the efficiency and level of spending and improving the contribution of non-oil revenues, as the data showed that the non-oil revenues jumped by 39% to SAR 88.2 billion. At the same time, oil revenues amounted to SAR 116.6 billion, reducing the deficit to SAR 7.4 billion.
In a similar context, Al-Eqtisadiah newspaper reported in its editorial that the International Monetary Fund (IMF) staff mission concluding statement for the Kingdom of Saudi Arabia 2021 Article IV has underscored the positive results of the Saudi economic reforms.
The IMF staff projected real GDP growth at 2.1% this year and 4.8 % in 2022. The real non-oil GDP growth recovery is also projected to reach 3.9% in 2021 and 3.6% in 2022.
The newspaper added that the Ministry of Finance published on its official website the “Quarterly Budget Performance Report Q1 of FY 2021 (1442 / 1443 H)”. The results of the first quarter confirm the progress in implementing the programs and plans of the Saudi Vision 2030. Additionally, these results, along with independent international reports, demonstrate the success of the efforts, being exerted by the government of the Kingdom of Saudi Arabia, in order to achieve financial sustainability and enhance the strength of the Saudi economy.
The newspaper further added that the Ministry of Finance’s report showed that  Saudi budget revenues increased by 7% during the first quarter of this year, to reach SAR 204.76 billion, compared to SAR 192.07 billion in the previous year.
--SPA
13:13 LOCAL TIME 10:13 GMT
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