In a new evidence of Saudi Arabia’s ability to translate its economic reforms into reality, the Saudi Ministry of Finance announced on Monday its quarterly report on the state budget performance, which showed that non-oil revenue growth in the first quarter of 2018 rose by 63 percent compared to the same quarter last year. “These figures confirm that the Government of the Custodian of the Two Holy Mosques is making remarkable progress in its financial initiatives as planned in the financial balance program,” Saudi Minister of Finance Mohammed bin Abdullah al-Jadaan said on Monday. The ministry said in a statement that first quarter revenues reached 166.3 billion riyals, up 15 percent from the same period last year. Non-oil revenues for the first quarter of 2018 jumped to 52.3 billion riyals ($13.9 billion), rising 63 percent from the same quarter of 2017. The Government has launched many initiatives aimed at developing revenue over the past two years. “I would like to thank the private sector for its commitment and cooperation with the government in the process of disclosure and transparency of data and tax and zakat returns; this sector affirms that it is one of the pillars and objectives of the Kingdom’s Vision 2030,” the minister stated. Al-Jadaan noted that oil revenues during the first quarter of 2018 amounted to 113.9 billion riyals ($30.3 billion), an increase of 2 percent compared to the same period of 2017. As for the total first quarter expenses, they amounted to 200.5 billion riyals, an increase of 18% over the same quarter of the previous year. The Q1 2018 deficit reached 34,329 billion riyals, representing about 18% of the expected annual deficit, according to the finance minister. “The fiscal figures for the first quarter of this year reflect rapid and significant progress in economic reform to help achieve the medium-term Fiscal Balance Program (FBP) goals for 2023, particularly in light of the strong non-oil revenues growth, and the sustained pace of spending efficiency,” he stated.