Published: Fri, May 12, 2017
World | By Paul Elliott

Saudi budget deficit drops 71 pct in Q1: minister

Trump campaigned extensively on upgrading US roads, bridges, airports and other public works a year ago.

The figures were announced by Finance Minister Mohammed Al-Jadaan at a press conference, where he also noted that "Our main focus is to achieve the vision of Saudi Arabia 2030 and our ministry is working with both public sector partners to increase the workings of the private sector in the kingdom".

The Hadi's government is based in Aden.

Non-oil revenues for the first quarter were reported at 32 billion riyals ($8.53 billion), a 1 per cent increase from the same quarter previous year.

"In general, we do not expect this quarter's performance to continue in the second, third and fourth quarters, but we expect at the end of the year the budget will balance out and reflect what was announced at the beginning of the year".

This is the first budget report released by the Kingdom, which earlier this month said it would begin issuing quarterly reports to boost transparency.

State revenues jumped by a similar rate, 72 percent, to US$38.4 billion (144 billion riyals), with oil revenues surging by 115 percent to US$29.9 billion (112 billion riyals).

Expenditure stood at 170 billion riyals ($45.3 billion) for the first quarter of this year, down 3 per cent from the corresponding period last year.

"We are not arbiters, we are suppliers of equipment under a contract, " Carr said.

Other non-oil revenues would show up as of the third and fourth quarters of this year, including planned levies that would start being collected in July, said Jadaan. The company said some of its figures have been restated as a result.

Oil revenues were notably up in the first quarter at 112 billion riyals ($29.86 billion) with a growth rate of 115 per cent from the same quarter past year, driven by a hike in crude prices in worldwide markets.

Saudi Arabia responded with targeted airstrikes in the Asir province, and sent surveillance aircrafts to gather locational intelligence of the Houthi group.

Most developed countries, including the United Kingdom but with the key exception of the USA, have banned cluster bombs on the basis that they present a disproportionate threat to civilians.

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