Saudi approves 2023 budget with $4.26bn surplus

Riyadh: Saudi Arabia’s cabinet approved the state budget with a surplus of 16 billion riyals ($4.26 billion).

The budget was approved during a cabinet session led by King Salman bin Abdulaziz Al Saud, Xinhua news agency quoted local media as saying.

The budget includes revenues of 1.13 trillion riyals and spending of 1.114 trillion riyals.

Crown Prince Mohammed bin Salman Al Saud said the 2023 state budget aims to prioritize spending on capital projects according to regional and sectoral strategies, expecting the surplus to be about 2.6 per cent of the GDP.

He said the surplus achieved in the budget would be directed to strengthening government reserves, supporting national funds, and strengthening the financial position of the kingdom.