Saudi Arabia wants to diversify and wean its economy from the singularity of oil exports. Its budget is expected to largely follow this framework.
As per a senior official from Saudi Arabia’s Minitry of Finance, the Kingdom’s 2018 budget, scheduled to be released on Tuesday, will focus on development, expansion of its economy and investment; it will not include new reforms or taxes.
“If there was to be a title for the 2018 budget, it would be the budget of expansion and development and investment,” said Saad al-Shahrani, general director of the ministry’s macro-fiscal policy unit, in an interview on Saudi-owned al-Arabiya TV.
He went on to add, “It will also focus on capital and investment expenditure. The citizen and the private sector will have a big part of it and it will simulate the private sector.”
When asked whether the budget would involve additional reforms, he replied, “We do not expect new reforms or new taxes”.