Mohammed Al-Jadaan,Minister of Finance
Minister of Finance Mohammed Al-Jadaan stated that Saudi Arabia intends to maintain its current pace of government spending — despite the widening budget and current account deficits, and rising debt — as it seeks to support ambitious development plans. 
The minister also said he is not concerned about the deficit widening to sometimes reach 5% of GDP, as long as government spending supports non-oil growth, which is a key metric for the Kingdom’s economic diversification plans.
In a statement to the Financial Times, Al-Jadaan said that the kingdom would “take stock” of its spending priorities as it grappled with a sharp drop in oil revenue and the global tumult triggered by US President Donald Trump’s tariffs.
He mentioned that Saudi Arabia will use this period of lower oil prices, as well as the uncertain global outlook, to evaluate how it managed the vast array of development projects.
“We’re not going to waste the crisis. People think that what’s happening in the world is a crisis, but our economy is doing very well,” Al-Jadaan said. “It’s a chance to look at things — if there’s an opportunity to do something bold, do it.”
The minister stressed that the primary focus is to avoid falling into the trap of booms and busts. “We are very aware of how important it is that we don’t go procyclical, but countercyclical,” he said. “Instead of working to just balance the books, by design we are making sure that we spend in support of the growth.”
There may be a larger-than-expected budget deficit, but it will not be significant. There is still huge space within Saudi Arabia’s financial reserves, abundant foreign reserves, and substantial government holdings, according to the minister.
Al-Jadaan also expected that GDP growth will reach 4.6% this year, driven by non-oil activities, pointing out that many goals have been achieved and others are on the way, which gives confidence to the government.
Mohammed Al-Jadaan,Minister of Finance
Minister of Finance Mohammed Al-Jadaan stated that Saudi Arabia intends to maintain its current pace of government spending — despite the widening budget and current account deficits, and rising debt — as it seeks to support ambitious development plans.
The minister also said he is not concerned about the deficit widening to sometimes reach 5% of GDP, as long as government spending supports non-oil growth, which is a key metric for the Kingdom’s economic diversification plans.
In a statement to the Financial Times, Al-Jadaan said that the kingdom would “take stock” of its spending priorities as it grappled with a sharp drop in oil revenue and the global tumult triggered by US President Donald Trump’s tariffs.
He mentioned that Saudi Arabia will use this period of lower oil prices, as well as the uncertain global outlook, to evaluate how it managed the vast array of development projects.
“We’re not going to waste the crisis. People think that what’s happening in the world is a crisis, but our economy is doing very well,” Al-Jadaan said. “It’s a chance to look at things — if there’s an opportunity to do something bold, do it.”
The minister stressed that the primary focus is to avoid falling into the trap of booms and busts. “We are very aware of how important it is that we don’t go procyclical, but countercyclical,” he said. “Instead of working to just balance the books, by design we are making sure that we spend in support of the growth.”
There may be a larger-than-expected budget deficit, but it will not be significant. There is still huge space within Saudi Arabia’s financial reserves, abundant foreign reserves, and substantial government holdings, according to the minister.
Al-Jadaan also expected that GDP growth will reach 4.6% this year, driven by non-oil activities, pointing out that many goals have been achieved and others are on the way, which gives confidence to the government.
