King Salman Approves Saudi 2020 Budget of $272bn

King Salman bin Abdulaziz approved on Monday Saudi 2020 budget during an extraordinary session of the Cabinet.

2020 budget comes with spending projected at $272bn, and revenues estimated at $222bn.

King Salman also emphasized in his opening speech the Kingdom’s determination to continue the implementation of the economic reforms.

In addition to diversifying sources of income, optimizing the use of available resources and empowering the private sector. 

Afterwards, he stressed that this level of spending is in line with achieving the goals of Vision 2030.

2020 budget bolsters development in the Kingdom and aims to achieve economic and financial stability and growth.

The Kingdom projected a budget deficit of $50bn for 2020, up $15bn on this year.

The finance ministry later said that actual spending in 2019 came at $279.5bn and revenues at $244.5bn.