Abb Takk News

Saudi Arabia Announces ‘Budget 2020’

RIYADH: Saudi Arabia has announced the budget of 1.02 trillion Saudi Riyal ($272 billion) for the year 2020.

Custodian of the Two Holy Mosques King Salman bin Abdulaziz announced the figures at a cabinet meeting in Riyadh.

“We are determined to continue implementing economic reforms, diversifying sources of income, including investing the proceeds of Saudi Aramco by the Public Investment Fund, optimizing the use of available resources, empowering the private sector and raising the level of transparency and efficiency of government spending to boost growth and development rates,” he said.

He stressed that this level of spending is in line with achieving the goals of Vision 2030. The budget bolsters development in the Kingdom and aims to achieve economic and financial stability and growth.

The Kingdom was determined to continue the implementation of economic reforms, diversify sources of income and empower the private sector, he added.