Saudi succeeds in reducing state budget deficit in Q1

Saudi Arabia succeeded in reducing the expected deficit of the state budget in the first quarter of 2017 from 13.3 to 6.9 billion U.S. dollars, Okaz local news reported on Monday.

The Minister of Finance Mohammed Abdullah al-Jadaan highlighted that the revenues in the first three months were much better than the expected.

He held that things will be better in the second quarter with this week decision to re-introduce all allowances and financial privileges to government employees.

The minister said that with the allowances are back, the purchase power of the public will improve and this will lead to further economic growth.

Although the Saudi economy is leading solid steps toward recovery, the minister ensures that economic reform will continue, especially with the focus on increasing non-oil revenues. Endit