Saudi Crown Prince: Saudi Arabia’s economy proved its ability to face the coronavirus pandemic’s consequences

Crown Prince Mohammed bin Salman related after the declaration of the Kingdom’s budget for 2021 that Saudi Arabia’s economy demonstrated its ability to face the coronavirus pandemic’s consequences.

The Saudi Press Agency cited what the crown prince said: Financial and economic measures have been taken aimed at reducing the repercussions of the pandemic on economic activities. The crisis was managed with great care and effectiveness, which led to the mitigation of the negative effects on the Saudi economy.

He also added: The balance between the precautionary measures and the timing of the gradual return of economic activities has been made at a good pace. Saudi Arabia was able to take health and preventive measures aimed primarily at protecting human health by curbing the spread of the epidemic.

On Tuesday, the finance ministry affirmed that Saudi Arabia expected that its 2020 budget deficit would increase to almost $79 billion, as the world’s top crude exporter reels from a coronavirus-led economic decline.

The finance ministry also related in its annual budget: It is expected that the budget deficit will increase at the end of 2020 to about 298 billion riyals, and we aim to reduce it by the end of 2021 to 141 billion riyals ($37.6 billion).

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