Saudi Arabia 2020 budget forecasts spending at $272 billion
RIYADH - Saudi Arabia announced a 1.02 trillion riyal budget for 2020 on Monday, a slight fall in spending that reversed three years of expenditure increases intended to spur growth.
Finance Minister Mohammed al-Jadaan told reporters the 2020 budget was conservative on revenues because of the global economic outlook, but the government would continue to pay a cost of living allowance to citizens. “We are determined to continue executing the economic reforms and diversifying income sources, including re-investing the proceeds of the Aramco IPO through the Public Investment Fund,” King Salman said at a budget cabinet meeting, referring to the Saudi sovereign wealth fund.
Allocations to so-called general items – including spending on government pensions, social insurance and subsidies – are forecast to increase to 141 billion riyals next year from a projected 121 billion in 2019. Mazen al-Sudairi, head of research at Al Rajhi Capital, estimated the oil price assumption for the 2020 budget to be $55 per barrel, based on production levels of 9.9 million barrels per day.The government expects real GDP growth at 2.3% in 2020, after a projected 0.4% growth in 2019.
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