2024 Budget Forum: Comprehensive Overview
The 2024 Budget Forum, a significant event in the fiscal calendar, was recently convened with the participation of nine ministers. This gathering marks a pivotal moment in financial planning and policy making for the upcoming year.
Forum Highlights
The forum consisted of four dialog sessions, each addressing key aspects of the budget and economic strategy:
Sustainable Finance: Chaired by Finance Minister Mohammed Al Jadaan, this session focused on long-term financial stability and sustainability.
The Finance Minister, stated: “The Saudi economy is a part of the global economy, and we must have sufficient space to face shocks
Budget in the Context of Basic Services Development: This session, featuring the Minister of Human Resources and Social Development Ahmed Al Rajhi and others, delved into the budget’s role in enhancing essential services.
The Minister of Human Resources in a session entitled “The Budget in the Context of Developing Basic Services”: “We have today 80% of our total services automated.”
Sustainable Development: Addressed by ministers including the Minister of Environment, Water, and Agriculture, Abdulrahman Al Fadley, this session explored sustainable growth strategies.
Promising Sectors: Led by the Minister of Industry and Mineral Resources Bandar Alkhorayef, it focused on emerging economic sectors.
Economic Forecasts and Budget Allocations
The forum coincided with the announcement of Saudi Arabia’s budget for the financial year 2024. This budget sets a new record in the country’s history, being the fourth trillion-riyal budget after similar budgets in 2019, 2020, and 2023.
Key Figures:
Revenue: Estimated at 1.172 trillion riyals.
Expenditures: Set at 1.251 trillion riyals.
Deficit: Projected at 79 billion riyals.
Economic Growth and Public Debt
The Ministry of Finance‘s preliminary statement for the 2024 budget reflects, initially, the structural and proactive financial reforms undertaken by Saudi Arabia.
Furthermore, these reforms aim to enhance the economy’s resilience against global economic challenges and trends.
Additionally, they represent a strategic pivot towards more sustainable fiscal policies. Consequently, this approach is expected to bolster the nation’s economic stability in the face of international fluctuations.
Notable Points:
- Economic Growth: A forecasted slowdown in GDP growth in 2023, attributed partly to voluntary oil production cuts, with expectations of a rebound in the following years.
- Public Debt: An increase in public debt projections for 2023 to 1.02 trillion riyals, constituting 24.8% of the GDP.
The 2024 Budget Forum represents a critical step in Saudi Arabia’s ongoing economic development and fiscal management efforts. Notably, the government’s focus on sustainable finance is evident.
Moreover, the development of basic services, along with environmental sustainability, is prioritized. Finally, the growth in promising sectors underscores its commitment to a balanced and forward-looking economic strategy.
(Sources: Sabq.org, Alwatan.com.sa, Independentarabia.com)
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