Budget 2024: Kingdom’s ability to deal with external shocks ‎strengthened

Saudi Arabia’s 2024 budget showed that the state aims to strengthen the government’s financial position by maintaining safe levels of government reserves to enhance the Kingdom’s ability to deal with external shocks, as stated in the Ministry of Finance’s statement accompanying the budget.

It is noteworthy that the International Monetary Fund earlier this year appreciated government efforts aimed at establishing a public finance base based on a long-term foundation, and encouraged expanding the coverage of the public sector to help enhance the government’s commitment to financial sustainability, in addition to the continued solidity of the financial sector. The strong supervisory role of the Central Bank, in addition to the progress made towards implementing Basel III standards in accordance with the agreed upon international time frame.

This came in the wake of the International Monetary Fund’s expert report being issued at the conclusion of Article IV consultations with Saudi Arabia for the year 2023, and the Fund said that public debt levels in Saudi Arabia are low and sustainable.