JEDDAH: Saudi Arabia’s deficit is projected to decline by a third next year, according to a budget statement that is seen as a step toward eliminating the shortfall altogether by 2020.
The deficit for 2016 stands at SR 297 billion, around 9 percent lower than forecast, and far below the high of SR 366 billion seen in 2015, in the immediate fallout of the oil price crash.
The deficit is forecast to be SR 198 billion in 2017 and is “now manageable”, according to budget documents released on Thursday.
“The government has been able to finance the deficit by drawing from reserves and surpluses, in addition to borrowing SAR 200.1 billion on international debt markets,” the budget documents said.
The Saudi budget 2017 reiterated the Kingdom’s aim to eliminate the fiscal deficit altogether by 2020. This is in line with the Kingdom’s Vision 2030 and related programs, including the National Transformation Plan 2020.
In 2016, Saudi Arabia's total revenues are expected to reach SR 528 billion, and are forecast to rise to SR 692 billion next year. Oil revenues for 2017 are estimated at SR 480 billion, 46 percent higher than the 2016 projections, while non-oil revenues are estimated at SR 212 billion, a 6.5 percent increase.
Expenditure for 2016 stood at SR 825 billion, excluding that related to the previous year, less than the SR 840 billion originally forecast. The expenditure in 2017 is estimated at SAR 890 billion, an 8% increase over 2016.
The total national debt for 2016 was approximately SR 316.5 billion, which is 12.3 percent of the projected gross domestic product (GDP) in fixed prices for 2016. Official documents showed that the national debt will not exceed 30 percent of GDP.
“Following successful debt issuances in 2016, debt issuance will continue as and when needed, subject to local and international market conditions,” the budget documents said. “The Kingdom will seek to raise further debt at attractive rates on international markets.”
This could include diversifying the type of issued debt by issuing Shariah-compliant instruments such as sukuk inside and outside the Kingdom.
Saudi budget 2017: Deficit forecast to drop to SR 198 billion
Saudi budget 2017: Deficit forecast to drop to SR 198 billion
Parliamentary Foreign Vice-Minister Matsumoto to visit Saudi Arabia, Jordan
TOKYO: Japan’s Parliamentary Vice-Minister for Foreign Affairs Matsumoto Hisashi will visit the Kingdom of Saudi Arabia and Jordan from Jan. 11 to 15, the foreign ministry said on Friday.
During the visit, Matsumoto is scheduled to exchange views with government officials of Saudi Arabia and Jordan on bilateral relations as well as regional and international situations.
Matsumoto is scheduled to arrive in Riyadh on Jan. 12, according to the ministry.
A version of this article appeared on Arab News Japan.
Thousands in Lebanon benefit from KSrelief healthcare services
RIYADH: A project by Saudi aid agency KSrelief to improve healthcare services for Syrian refugees and their host community in Bebnine, Akkar Governorate, has continued in Lebanon.
Some 2,689 patients were seen at the Akkar-Bebnine Health Care Center in December with 6,194 services provided under pharmacy, laboratory, nursing, community and psychological health programs.
Of the total number of patients, 68 percent were women and 51 percent were refugees, reported the Saudi Press Agency.
Saudi Arabia’s KSrelief continues aid work in new year
- The work reflects Saudi Arabia's ongoing commitment through KSrelief to help those most in need
RIYADH: The Kingdom’s aid agency KSrelief has continued its humanitarian work at the start of 2025, the Saudi Press Agency reported recently.
In Syria, 892 families received food aid and health kits in the Afrin and Aleppo governorates of the war-torn country, benefiting 5,352 individuals.
The agency also distributed bags of flour, winter kits, and personal-care bags to 211 families in Syria’s Al-Rastan area, benefitting 968 individuals.
In Syria’s Rural Damascus governorate, KSrelief distributed bags of flour, food aid, personal-care bags, and shelter kits to 164 families.
In Pakistan, there were 2,821 food parcels, benefiting 18,638 people, distributed in the Bahawalnagar and Rahim Yar Khan areas of Punjab province, and the Hingol area in Khyber Pakhtunkhwa province.
KSrelief also distributed 1,082 clothing vouchers to families in Palestinian refugee camps in Jordan’s Amman, Zarqa and Balqa governorates.
Saudi Museum of Contemporary Art to host ‘Manga Hokusai Manga’ exhibition
- Exhibition is homage to renowned Japanese artist Katsushika Hokusai
The much-anticipated “Manga Hokusai Manga” exhibition will be held at the Saudi Arabia Museum of Contemporary Art in JAX Diriyah from Jan. 15 to Feb. 8.
Held in collaboration with the Embassy of Japan and the Japan Foundation, the exhibition, ratified by the Kingdom’s Museums Commission, will showcase the works of the renowned Japanese artist Katsushika Hokusai.
It will highlight the history and evolution of manga, and provide a perspective on how Hokusai’s classical illustrations have influenced modern visual arts, the Saudi Press Agency reported recently.
Hokusai published his first collection of art in 1814, featuring sketches of “daily life, landscapes and whimsical creatures,” according to a post on X by the museum.
The Saudi Arabia Museum of Contemporary Art aims to foster cultural exchange between local and international creators.
Kingdom readies itself for 3 days of rain and high winds
- Warning of high waves along the Kingdom’s coastlines
RIYADH: Saudi Arabia is bracing itself for rainfall across most parts of the Kingdom over the next three days after the National Center for Meteorology issues warnings on Thursday.
In a weather bulletin, the NCM warned of downpours accompanied by winds of up to 60 kph, and the possibility of torrential rain and hail. High waves are expected along the nation’s coastlines.
The regions of Al-Jouf, the Northern Borders, and Hail will have rainy conditions on Friday and Saturday.
On Friday, rain is expected in the Tabuk and Madinah regions; on Saturday and Sunday in the Eastern Province, Asir and Jazan; and on Saturday in Qassim.
For the Riyadh and Al-Baha regions, rain is expected from Friday to Sunday.
The NCM urged the public to stay updated on the weather conditions in the Kingdom by checking the daily reports on its website, the Anwaa application, or its social media accounts.
