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Saudi Arabia announces 2022 budget with $24 billion surplus

Saudi budget

Saudi Arabia has announced the 2022 budget with an estimated surplus of 90 billion riyals ($24 billion).

The Saudi cabinet approved the 2022 budget, and said that the amount of spending in this budget is 950 billion riyals ($253.224 billion).

It also estimated revenues at 1045 billion riyals ($278,546 billion), with a surplus of 90 billion Saudi riyals ($23,989 billion).

“We are determined to continue implementing the economic initiatives and reforms, to achieve the goals of the Kingdom’s Vision 2030, and to continuously improve the quality of life,” the cabinet said in a statement.

“We are working to optimize the use of available resources, and to raise the level of transparency, efficiency and quality of government spending,” the statement said.

In turn, Finance Minister Mohammed Al-Jadaan stressed that the 2022 budget is a continuation of the reform process that supports the development of public financial management, with the government’s commitment to maintaining the previously announced spending ceilings.

He said that there is a guarantee of financial sustainability in the medium term, and a strong financial position that enables the state to face any emergency changes and absorb unexpected economic shocks.

Meanwhile, Al-Jadaan indicated that the Kingdom’s economy is witnessing a continuous growth in the role of economic enablers in support of the private sector.

On top of these potentials is the effective development contribution of projects and programs undertaken by the Public Investment Fund and the National Development Fund.

He also explained that the 2022 budget comes as a result of planning and participatory work among all government agencies, where efforts were made and capabilities were harnessed and energies were mobilized in preparing this budget in an appropriate manner through which its strategic objectives were achieved.

Saudi reserves

In a related context, Saudi Arabia’s natural gas reserves increased by the end of last year 2020, by 0.4% compared to the quantities of 2019.

The Saudi Ministry of Energy said that Saudi reserves rose in the year 2020 to 1.2 trillion standard cubic feet, to reach 326.1 trillion standard cubic feet.

Saudi Arabia also occupies the sixth place globally at the end of last year, accounting for 4.5% of the world’s natural gas reserves, amounting to 7,298.9 trillion standard cubic feet.

Natural gas prices have risen by 98 percent since the beginning of this year, reaching $5.03 per million British thermal units, according to the closing of November 21, compared to $2.54 per million British thermal units at the end of last year 2020.

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