The Saudi budget figures for the first quarter of 2022 are the highest at the level of the ministry’s quarterly budget.
The figures are an indicator of the government’s seriousness in continuing to control spending, increase revenues, diversify the economy, and work on Vision 2030 initiatives, according to Al-Arabia .net.
The 57 billion riyal surplus recorded in the first quarter equals two-thirds of the 90 billion riyal objective for the year as a whole, indicating that the predicted surplus this year can be exceeded by a significant margin.
The surplus is backed by a 30 percent increase in oil prices on an annual basis in the first quarter of 2022, as well as an increase in output of around 2.5 million barrels per day.
The 58 percent rise in oil revenues and the 7% increase in non-oil revenues are obvious proof of hard effort in all endeavors to diversify revenue streams.
The main purpose of directing the budget surplus would be to realize the vision’s core objectives, which are big projects because they will be the state’s first source of revenue in the future, while also striving to reduce the deficit.
In the case of financial stability and surpluses, a review of the value-added tax, which was suggested by the Minister of Finance, will be conducted, considering that the state used this 15% tax to combat the Corona epidemic.
The Saudi Ministry of Finance reported that the budget was met in the first quarter of 2022, with receipts of 278 billion riyals and public expenditures of 220.5 billion riyals, resulting in a surplus of 57.5 billion riyals.
The surplus in the first quarter of 2022 is the greatest quarterly surplus since the ministry began publishing the budget quarterly in early 2016, around 6 years ago.