The financial data reflect improvement in the public finance performance as a result of efforts of the Government of Custodian of the Two Holy Mosques’ King Salman bin AbdulAziz Al Saud to implement reforms aimed at economic diversification and fiscal sustainability.
The Minister of Finance explained that the report included several indicators that reflect the Government’s commitment to transparency and disclosure, strengthening of the public fiscal governance and regulation and achievement of the Fiscal Balance Program objectives.
Main highlights of the general budget performance for the first quarter of the fiscal year 1440/1441 AH (2019 AD) were as follows:
Total revenues amounted to SAR 245.406 billion compared to SAR 166.263 billion for the same quarter of the previous year; a 48% increase. Non-oil revenues amounted to SAR 76.319 billion compared to SAR 52.316 billion for the first quarter of 2018; a 46% increase.
Oil revenues increased by 48% to reach SAR 169.087 billion compared to SAR 113.947 billion for the same quarter of the previous year.
Total expenditure amounted to SAR 217.570 billion, increasing by 8% compared to the same quarter of the previous year. The deficit finance totaled SAR 25.466 billion while the public debt reached SAR 610.648 billion by the end of the first quarter of this year.
Al-Jadaan said that fiscal targets for 2019 are still on track. Expenditure outlays on development projects are expected to increase during the remainder of the year especially on Vision Realization Programs and private sector development programs, alongside increasing expenditure on social protection. The latter includes spending on education, health, social development, Citizen Account, social security benefits, cost of living adjustment and student rewards. Meanwhile Al-Jadaan expected continued growth in non-oil revenues, contributing to reaching the budget deficit and debt targets.
The Minister of Finance affirmed that the stability and improvement of fiscal performance is a fundamental pillar of comprehensive and sustainable economic growth in the short and medium terms, and as such, it contributes to achieving the economic and social objectives of the Kingdom’s Vision 2030.
The quarterly report of the general budget performance for the first quarter of 2019 can be found in full on MOF’s website.