Why is PSF targeting only a selected set of sectors? Although capital expenditures in 2020 are a smaller portion of total expenditures compared to the 2019 budget statement, it is still higher than actual spending in 2019, where it represented only 16.4 percent. Since 2014, the government has embarked on a two-prong strategy of covering the funding gap via debt issuances and drawing down its reserves. The availability of employment opportunities is another risk the Kingdom faces. The table below summarizes the key budgetary allocations as presented in the official budget release. The government expects the non-oil sector to continue to lead GDP growth over the medium-term. Key themes that will enable the Kingdom to focus on growing the private sector while providing quality public services to enhance the citizen’s standards of living are reoccurring hallmarks of the 2020 budget. How can I get copies of the Umm al-Qura calendar? 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These encouraging developments will allow the private sector to achieve sustainable growth in the medium and long-term. Spending in this category is expected to gradually decrease due to the expected improvement in the efficiency of spending stemming from the implementation of the new government tenders and procurement system. Before it's here, it's on the Bloomberg Terminal. Saudi Arabia’s budget deficit in the first quarter of 2020 stands at 34.107 billion Saudi riyals ($9.07 billion), according to a performance report released by the Kingdom’s finance ministry, while revenues on Wednesday. Additional revenues will come from the excise tax on sugar-sweetened beverages. The Kingdom’s GDP is expected to slide to approximately 0.4 percent for 2019 as oil revenues decreased on the back of lower oil prices and OPEC+ production cuts. The Kingdom has been instituting strategies that will help it achieve a balanced budget by 2023. This includes a SAR10 billion ($2.7 billion) deal with U.S.-based Triple 5 for a series of mixed-use tourism, hospitality, and entertainment destinations across the Kingdom, a SAR5 billion ($1.3 billion deal) with UAE-based Majid Al Futtaim for a mixed-use shopping and entertainment destination including what will be the region’s largest indoor ski slope, and a SAR1.5 billion ($400 million) deal with Turkey’s FTG Development for hotel, waterpark, and retail development in Qiddiya. Saudi Arabia’s budget deficit in the first quarter of 2020 stands at 34.107 billion Saudi riyals ($9.07 billion), according to a performance report release His Excellency reiterated that the twenty-two private sector support initiatives targeting strategic sectors are bearing fruit in second quarter sector growth numbers. Goldman is itself more bullish, forecasting that Brent will climb to $65 by the end of 2021. Terms of reference of ministry of finance, Bureau Of Experts At The Council Of Ministers, Service level Agreement for Electronic Services, Help ​and Support for Electronic Services, Rules and Procedures Related for Lending Educational and Training Private Projects. Compared to 2019, tax revenues will decrease by 1.2 percent in 2020. However, general items are expected to increase from SAR121 billion ($32.3 billion) in 2019 to SAR141 billion ($37.6 billion) in 2020, a 16 percent increase. Building off rigorous policy reprioritizations in 2018 and 2019, the Kingdom aims to: 1. The taxes on income, profits, and capital gains is estimated to decrease in 2019 compared to 2018, representing a drop from SAR17 billion ($4.5 billion) to SAR16 billion ($4.3 billion) or 2.9 percent. Another noteworthy development is the role the PIF is expected to play in the development of establishing and financing mega projects in the Kingdom. The release of Saudi Arabia’s 2020 budget highlights a methodical continuation of efficient spending, while diversifying revenues through the implementation of non-oil sector plans, that were introduced in Vision 2030 and its supporting Vision Realization Programs (VRP). Why is PSF targeting only a selected set of sectors? Total expenditures are expected to decrease by 2.7 percent in 2020 compared to 2019. We use cookies in a limited and restricted manner for specific purposes. What are the economic and developmental indicators expected from this support? 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The main reason for the decline in 2020 is due to the collection of non-recurrent amounts in 2019. The implementation of these strategies that focus on the social well being of citizens and growing the pipeline of mega projects, which in turn provide numerous employment opportunities, have already taken shape in 2019 and are expected to expand in 2020. This site can be browsed through a design that matches the dimensions of different screens. The release of Saudi Arabia’s 2020 budget highlights a methodical continuation of efficient spending, while diversifying revenues through the implementation of non-oil sector plans, that were introduced in Vision 2030 and its supporting Vision Realization Programs (VRP). The sector of transportation, storage and communications, which includes logistics and technical services, recorded a growth rate of 6.4%. Furthermore, the supply side dynamic will be impacted by policies adopted by OPEC+, the development of alternative sources of energy, and potential geopolitical disruptions. What are the economic and developmental indicators expected from this support? Among the many mandates the PIF is responsible for, its 2020 commitments include (1) contributing SAR185 billion ($49.3 billion) to GDP, (2) generating 20,000 jobs, (3) contributing to the local content in the amount of SAR50 billion ($13.3 billion) or 2.3 percent of the total local content, (4) the value of assets under management reaching SAR1,500 billion ($400 billion), and (5) total shareholder returns reaching 4-5 percent. Non-oil revenues, which are expected to grow by 6.9 percent, were largely supported by improved tax income of SAR203 billion ($54.1 billion) or 20.5 percent compared to 2018. Government Budget in Saudi Arabia averaged 1.05 percent of GDP from 1969 until 2019, reaching an all time high of 43.20 percent of GDP in 1973 and a record low of -25.30 percent of GDP in 1987. He also emphasized that the government will continue the implementation of its strategic objectives, aimed at economic diversification, by establishing a suitable environment for investment in promising sectors while providing a stable economic framework. In the second quarter, Saudi earnings from crude exports dropped to the lowest on a quarterly basis since at least 2016, despite the kingdom leading OPEC’s efforts since May to cut supply and bolster prices. Economy, Middle East Saudi Arabia to cut 2020 budget Saudi administration decides to reduce budget by $13.3 billion due to COVID-19, falling oil prices 2. Budgeted revenues are projected to reach SAR833 billion ($222.1 billion), of which 62 percent or SAR513 billion ($136.8 billion) will derive from oil revenues. The growth of the construction sector will provide a boost to the private sector in terms of its contribution to GDP and growing employment opportunities. by Kudakwashe Muzoriwa. Furthermore, the private sector received a boost in 2019 as it was an active participant in the development and financing of a growing number of capital expenditures, especially mega-projects. The Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf will head the delegation of the Kingdom of Saudi Arabia to the meetings of OPEC Fund for International Development (OFID).

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