RIYADH: Saudi Arabia expects a 2022 budget surplus of SR90 billion ($24 billion), the Saudi Press Agency reported, citing a Cabinet statement. If achieved, this will be the first fiscal surplus since 2013. Total revenues for 2022 are estimated at SR1.05 trillion, while spending is estimated at SR955 billion — the lowest level since 2017. The Kingdom’s economy is expected to grow by 7.5 percent. Revenues grew by 12.4 percent compared with estimated revenues in the 2021 fiscal year, while expenditures narrowed by 5.9 percent, the statement said, following a meeting chaired by King Salman. The Kingdom’s budget surplus is projected to be 2.5 percent of gross domestic product in 2022. In the pre-budget statement published in September, a SR52 billion deficit was predicted. The Ministry of Finance had then expected the deficit to be 1.6 percent of the GDP. Talking to journalists, Saudi Finance Minister Mohammed Al-Jadaan said the Kingdom will tap debt markets next year, mainly to refinance maturing debt. “We’ll still tap the market, mainly for refinancing what is maturing next year.” He said that the Kingdom aims to diversify its income, empower the private sector and implement wide structural changes through various Vision 2030 programs. Saudi Arabia will spend SR27 trillion to achieve this goal, Al-Jadaan said, He said the government aims to support the gradual recovery in economic activity, while public debt indicators are also expected to improve in 2022. The minister indicated that the budget comes as part of the reform process to develop the management of public finances. Maintaining the previously announced spending ceilings ensures fiscal sustainability in the medium term. A strong financial position enables the state to respond to any emergency changes and absorb unexpected economic shocks, he added. Al-Jadaan said the Kingdom’s real GDP is expected to grow by 7.4 percent in 2022, driven by the increase in oil GDP as per the OPEC+ agreement. An improvement in non-oil GDP is expected with the continued recovery of the economy, while measures to improve economic growth and diversification continue. He said spending will reach SR12 trillion until 2030, including outlays announced by the crown prince: SR5 trillion under the Shareek program, SR3 trillion under the Public Investment Fund program, and SR4 trillion under the local and international private sector investments. The public and private sectors have worked jointly to achieve a reduction in the unemployment rate to the current 11.3 percent, Al-Jadaan said. He added that the government aims to reduce the jobless figure to 7 percent or lower by 2030.