Minister of Finance Mohammed Al-Jadaan said that non-oil revenues covered 40 percent of the expenditures in 2021. Speaking at the Budget 2023 Forum in Riyadh on Sunday, he stated that the objective of the fiscal balance was to achieve zero deficit, which was accomplished with a surplus because structural reforms were implemented over the course of the five years. Al-Jadaan added that non-oil revenues initially covered only 10 percent of the expenditures, but by the end of 2021 they had covered 40 percent of them, demonstrating the danger of relying on a variable source of income, which had previously resulted in deficits. Minister of Finance affirmed that the budget journey began with the financial balance program, adding there were significant challenges because the deficit reached 15 percent of the budget’s financial domestic product five years ago. He asserted that “We withdrew more than SR1 trillion over a number of years.” “The transition from the financial balance phase program to the financial sustainability program has occurred, which is planned for a period of three years and may be extended to ten years because it includes many programs and plans, including the Kingdom’s Vision 2030,” he said. He indicated that expenditure has been based on strategies rather than the ministry’s request from the authorities without putting forward an agreed strategy. “The citizen is the main element, and the work that has been done over the years has helped improve services for citizens, upgrade their effectiveness, and upgrade the revenue of the riyal as well.” Al-Jadaan said: “There has also been great interest and keenness from the government in light of the fluctuations that have occurred, such as the COVID-19 pandemic and the Russia and Ukraine crisis, which have led to a shortage of supplies.” — SG