Riyadh – Mubasher: The performance of Saudi Arabia's general budget in the first quarter of the year showed that revenues were better than expected and expenses were lower than the ones approved for the period, finance minister Mohammed Al-Jadaan said.
Al-Jadaan added that the royal decree issued on Saturday to restore all allowances, financial benefits, and bonuses will positively reflect on the Saudi economy on the short-term.
The latest decree will increase liquidity, boost purchasing power, support economic activity, encourage the investment environment, and contribute to raising the private sector’s confidence, the minister noted in a statement.
The decision will also put inflation at convenient levels after the negative growth lately, especially after the government was able to rationalise capital and operating spending through cutting SAR 80 billion last year and targeting the reduction of SAR 17 billion this year.
The minister pinpointed that the Kingdom's government is working on implementing the economic reforms programme and will exert efforts to achieve the financial balance programme, privatisation, and increasing non-oil revenues in line with the Kingdom’s Vision 2030.
