Official statement: $ 9 billion Saudi budget deficit in the first quarter

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The Saudi Ministry of Finance said on Wednesday that the budget deficit in the first quarter of 2020 amounted to 34.107 billion riyals ($ 9.07 billion).

The ministry said, in a statement, that the total revenue for the first quarter was 192.072 billion riyals, a decrease of 22% compared to the same period last year.

The data indicated that oil revenues fell 24% in the first quarter to 128.771 billion Saudi riyals, and non-oil revenues in the first quarter decreased 17% to 63.3 billion Saudi riyals.

Saudi Arabia suffers due to the drop in oil prices globally, as most countries entered in complete closure due to the pandemic of the Corona virus, and the country canceled Umrah trips that were generating large income for the country.

The Kingdom of Saudi Arabia announced the registration of 1266 new cases of the new Corona virus, on Tuesday, which were monitored in a number of cities, bringing the total number of confirmed cases since the emergence of the virus 20 thousand and 77 cases, of whom 2,784 cases recovered, while the number of deaths reached 152 cases.

The kingdom last month raised the debt ceiling to 50% of GDP from 30%. At the same time, it is looking to cut spending after it announced a five percent cut in the state budget for the current year in March.

Analysts said that the oil production cuts pledged by Saudi Arabia under a recent agreement with global producers could wipe out tens of billions of dollars in state revenues this year.

According to the International Monetary Fund, oil exporters in the Middle East and North Africa are expected to see a decline in oil export revenues this year by about $ 226 billion.

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