saudi budget deficit halves after reforms oil rebound
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Saudi budget deficit halves after reforms, oil rebound

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleSaudi budget deficit halves after reforms, oil rebound

As part of its economic reforms, Saudi Arabia is due to introduce value-added tax
Jeddah - AFP

Saudi Arabia's budget deficit halved in the first six months of this year, the finance ministry said Sunday, following sweeping spending cuts and a stabilisation in oil prices.

The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices.

The budget deficit dropped by 51 percent to 72 billion riyals ($19.2 billion, 16.2 billion euros) in the first half of 2017, the finance ministry announced.

"This result reflects an improvement in the management of public finances as a result of economic reform introduced through Vision 2030," said Saad al-Shahrani, a high-ranking ministry official.

The Vision 2030 plan, announced by the kingdom last year, aims to develop Saudi Arabia's industrial and investment base and boost small- and medium-sized businesses to create local jobs and reduce reliance on oil revenue.

It is the second budget report released by Riyadh since the authorities announced in May they would begin issuing the figures on a quarterly basis to boost transparency.

The kingdom has regularly posted budget deficits since 2014, following a slump in oil prices.

Saudi Arabia, the world's largest crude exporter, in December projected a budget deficit of $53 billion for this year.

Revenues for the first half of the fiscal year were up 29 percent to 308 billion riyals ($82.1 billion, 69.4 billion euros) from the same period last year.

Spending in the first six months dropped 2.0 percent to 380.7 billion riyals.

As part of its reforms, Saudi Arabia is due to introduce value-added tax (VAT) in early 2018 along with the UAE and Qatar.

Three other Gulf states -- Bahrain, Kuwait and Oman -- plan to follow at a later date.

Riyadh announced in June it had begun taxing foreigners working in the private sector as part of its fiscal reforms.

The country is also preparing to sell just under five percent of energy giant Aramco next year.

Saudi Arabia raised $17.5 billion in its first international bond offering in October 2016.

source: AFP

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi budget deficit halves after reforms oil rebound saudi budget deficit halves after reforms oil rebound

 



Themuslimchronicle, themuslimchronicle

GMT 08:32 2011 Monday ,25 July

Sabri accuses Yusri in Souad Hosni’s murder

GMT 12:07 2014 Monday ,03 February

Home design ideas

GMT 11:20 2017 Thursday ,02 March

Mexico central bank cuts growth outlook over Trump

GMT 08:31 2017 Tuesday ,28 November

Bangladesh upholds death sentence for 139 soldiers

GMT 14:33 2017 Thursday ,20 April

US defense secretary vows support for Egypt's Sisi

GMT 16:12 2017 Wednesday ,20 December

Myanmar bars UN rights investigator just before visit

GMT 08:21 2017 Wednesday ,30 August

United Technologies near deal to buy Rockwell Collins

GMT 18:27 2017 Friday ,21 April

ARCO condemns targeting of ERC convoy in Somalia

GMT 07:23 2017 Tuesday ,21 November

perched in Jerusalem's hills may soon vanish

GMT 19:33 2017 Tuesday ,10 October

US scientists engineer corn to boost protein

GMT 08:43 2017 Monday ,04 December

Brexit deal 'difficult but doable': diplomats

GMT 11:24 2017 Friday ,03 March

Lego honors 'Women of NASA'

GMT 11:35 2017 Tuesday ,05 December

Bahrain's top Shiite cleric hospitalised

GMT 21:39 2017 Saturday ,30 September

Abdel Karim praises Egypt’s role

GMT 10:11 2017 Tuesday ,12 December

Latest Grateful Dead resurrection -- a duo

GMT 15:43 2017 Monday ,04 December

Yemen's Huthi rebels claim ex-president Saleh killed

GMT 15:59 2017 Thursday ,30 November

Bahrain Bourse daily trading performance
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle