Riyadh: Saudi Arabia's cabinet has approved the state budget for 2022, which has a surplus of 90 billion riyals (USD 24 billion). According to reports, the surplus budget on Sunday comes after years of previous deficit budgets as a result of significant economic reforms spanning all sectors.

Saudi Arabia expects budget surpluses starting in 2023, citing a "noticeable and projected improvement" in the economy, according to the Ministry of Finance. According to the ministry, the Kingdom will have a surplus of roughly SR27 billion in 2023, rising to SR42 billion in 2024. In comparison, the predicted deficits for 2021 and 2022 are SR85 billion and SR52 billion, respectively.

The budget was announced after the country had weathered economic ramifications and the extraordinary Covid-19 outbreak, according to Saudi King Salman bin Abdulaziz Al Saud. The budget was authorised with 955 billion riyals in expenditures and 1.045 trillion riyals in revenues.

The Saudi king pledged to pursue economic measures and reforms in order to accomplish Saudi Vision 2030, which aims to improve quality of life and make the greatest use of available resources. The Saudi economy is progressing, according to Minister of Finance Mohammed bin Abdullah Al-Jadaan, thanks to economic forces that support the private sector.

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