(MENAFN- Saudi Press Agency)
Riyadh, Rabi'I 1, 1439, Nov 19, 2017, SPA -- Mohammed bin Abdullah Al-Jadaan, Minister of Finance, announced here today the Quarterly Budget Performance Report for the third quarter in the fiscal year 1438/1439H (2017) revealing figures on the developments in the performance of the state's budget for this quarter represented more progress in revenues, improvement of general spending efficiency, and a decrease in fiscal deficit, while maintaining the level of basic services being provided to citizens in the priorities of government spending.
The Q3 report affirmed the Kingdom of Saudi Arabia's commitment of transparency and financial disclosure, as key factors which are consistent with the Kingdom Vision 2030 and its objectives. The report highlights the progress in achieving the defined objectives within the Financial Balance Program.
The report's results showed an increase in revenues comparing with the 3rd quarter in 2016 in addition to rising rates of non-oil revenues with (%80) during the same period. The report highlighted that the Kingdom's government seeks to rationalize spending in order to benefit of its citizens positively. The biggest portion of the government spending was directed to the education sector in the first nine months in 2017. The recent figures of the budget disclosed that the Kingdom is still in the right track in order to reach its long-scale goals with achieving balanced financial performance.
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18:20 LOCAL TIME 15:20 GMT
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