Saudi Arabia approves $350 billion budget for 2026, focused on vision 2030 goals | World News – The Times of India

Saudi Arabia has approved its 2026 state budget, outlining ambitious spending plans aimed at sustaining economic growth, supporting citizens, and advancing the Kingdom’s Vision 2030 initiatives. The total budget for the coming fiscal year amounts to 1.313 trillion riyals ($350 billion), with public revenues estimated at 1.147 trillion riyals ($306 billion), leaving a projected deficit of approximately 165 billion riyals ($44 billion).

Economic growth and fiscal outlook

According to the Saudi Press Agency (SPA), Saudi Arabia’s public debt is forecast to reach 1.622 trillion riyals ($432.12 billion), representing 32.7 percent of GDP. The economy is projected to grow by 4.6 percent in 2026, with the budget deficit expected to be around 3.3 percent of GDP. These figures reflect the government’s ongoing focus on fiscal sustainability and the maintenance of substantial financial reserves.

Strategic priorities and vision 2030

Following the budget’s approval, Crown Prince and Prime Minister Mohammed bin Salman emphasized the ongoing transformation of the Saudi economy. Since the launch of Vision 2030, the Kingdom has seen significant growth in non oil sectors and a stronger role for the private sector. He directed ministers and officials to prioritize citizens’ well-being and actively implement development and social programs outlined in the budget.Finance Minister Mohammed Al Jadaan highlighted that the 2026 budget reflects strategic spending on development projects aligned with sectoral strategies and Vision 2030 programs. He underlined that the budget aims to reinforce Saudi Arabia’s financial strength while ensuring the efficiency of public spending.

Spending focus and national projects

The government intends to enhance the quality of essential services, support giga projects, and advance national priority strategies. This approach is designed to balance fiscal responsibility with long term development objectives. Officials have been tasked with overseeing the budget’s implementation in their respective areas, ensuring that projects contribute directly to the social and economic goals of the Kingdom.