Saudi Budget Q1: The government borrows 73.2 billion within 3 months, public debt rises to 1.12 trillion riyals

The public debt of the Kingdom of Saudi Arabia rose to 1,115.826 billion riyals, by the end of the first quarter of this year, an increase of 65.544 billion riyals from its levels at the end of 2023, which was 1,050.282 billion riyals.

According to the budget statement, the increase in debt came as a result of the government borrowing 73.212 billion riyals during the first quarter of this year, while it repaid about 7.6 billion riyals during the first three months of the current year.

The Saudi government issued domestic borrowings worth 24.151 billion riyals during the first 3 months of 2024, and 49.061 billion riyals in international issuances during the same period.

According to what was revealed in the statement, the level of external debt rose to 450.795 billion riyals, with a value of 44.918 billion riyals from its levels at the end of the year 2023, which was 405.877 billion riyals, as the government issued 49.06 billion riyals of international debt and repaid 4.143 billion riyals during the first quarter of this year. .

Saudi Ministry of Finance announced the budget for the first quarter of the current year 2024, with revenues amounting to 293.433 billion riyals, expenses 305.820 billion riyals, the deficit 12.387 billion riyals, oil revenues amounting to 181.922 billion riyals, and non-oil revenues 111.512 billion riyals.

Non-oil revenues increased in the first quarter of 2024 by 9%, recording 111.512 billion riyals, compared to 102.339 billion riyals for the same period in 2023, while oil revenues increased slightly, to 181.922 billion riyals, and by 2% over the same quarter of the previous year, which It was 178.605 billion riyals, as the Kingdom’s Vision 2030 programs supporting the non-oil sector and diversifying sources of income succeeded in playing a prominent role in raising non-oil revenues, in a step towards the Kingdom’s abandonment of oil.

The state’s revenues from the tax on goods and services, which is the largest non-oil revenue and includes the excise tax, value-added tax, and financial compensation for expatriates, increased by 11%, recording 69.9 billion riyals, to reflect the growth of economic activity and the continued improvement of consumption and investment activity.