News 24 | The Minister of Finance expects less deficit in the next budget due to Aramco’s IPO offering


Minister of FinanceFinance Minister Mohamed Al-Jadaan confirmed that the offering of Aramco shares last month will reduce the budget deficit at the end of the year from the forecast announced last December, indicating that the government expected a deficit of 187 billion riyals in the 2020 budget.

Al-Jadaan said in an interview with “Reuters” that the Kingdom will pump the revenues of Aramco’s subscription, which amounted to about 30 billion dollars, which ended at the end of last year, in the Saudi economy for several years, and will support the new and existing national industry sector, including defense industries.

He added that the strong focus will be on non-oil GDP growth, including on tourism, leisure, sports, technology and the financial sector.

He also expected oil prices to be better in 2020 due to strong demand and production cut deals, and lower trade tensions.


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