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Ministers of Finance of Saudi Arabia, the UAE and Kuwait have welcomed the efforts made by the Government of Bahrain in implementing the Fiscal Balance Program, and the progress made by the kingdom despite the challenges posed by the Covid-19 pandemic.
LONDON: Saudi Arabia's spending plan as announced in its pre-budget statement on Thursday is a positive development for the credit rating of the Kingdom, rating agency Moody's said. “The 2022 pre-budget statement confirmed the government’s plans for further spending cuts during 2022-23, in line with the previously published Fiscal Balance Program. This is credit positive as it
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Saudi's Q1 budget outturn 'evidence of structural improvements' RIYADH, 4 hours, 25 minutes ago Saudi Arabia has announced a significant narrowing of the government budget deficit to $2 billion (0.3% of full-year GDP) in the first quarter of this year from $29 billion in the fourth quarter and $9 billion in the first quarter of 2020, according to top ratings agency Moody's. Although this improvement was largely driven by higher oil prices and a large seasonal drop in spending, the budget performance figures also reveal a structural improvement evident in the decline in the non-oil fis...
This they did through diversifying revenue sources for the state, increasing the efficiency of the public expenditure, stimulating the private sector and providing subsidy to needy citizens.