The Government of Saudi Arabialinkhasannounced its budget for the year 2021 that mainly focuses on thehealthcare and combating challenges of COVID-19.
According to the details, while announcing the budget with spending of $264billion, King Salman said: “We have directed that the budget give priorityto protecting the health and safety of citizens and residents, and tocontinue efforts to limit the effects of the pandemic on our economy.”
Speaking on the occasion, Crown Prince Mohammed bin Salman said 2020 hadbeen a difficult year for the whole world due to the COVID-19, “butthe Kingdom’s economy has proven its ability to withstand its impact.”
In addition to this, he said that “The crisis has been managed with greatcare and effectiveness, which led to the mitigation of the negative effectson the Saudi economy.”
Finance Minister Mohammed Al-Jadaan said that Saudi wealth funds werepredictable to spend 100s of billions of riyals in the local economy in thecoming years, even as the government’s direct expenditure drops.
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It should be noted that Saudi Arabia, despite being the world’s largestcrude exporter faced a double crisis this year as oil market turmoil andthe coronavirus pandemic combined to pressure state finances.
The government’s options for stimulating the non-oil economy have beenlimited as businesses faced reduced demand and restrictions related to thenovel coronavirus pandemic.
