Jadaan

Finance Minister Mohammed Al-Jadaan said that both the measures are taken to shore up state finances, which have been battered by low oil prices and the coronavirus crisis.

Jadaan added that while the deficit would increase, he did not anticipate it exceeding seven percent to nine percent of GDP for the current year.

Jadaan has said the deficit could widen to up to 9 percent of GDP this year, but some analysts have predicted a deficit of 22 percent with oil prices at $30 a barrel.

Saudi Press Agency said late Thursday that the king “relieved” Mohammed al-Tuwaijri from his position as economy minister and tasked Finance Minister Mohammed al-Jadaan with overseeing the ministry.

Announcing the Saudi budget earlier in the week, Finance Minister Mohammed Al-Jadaan said that the proceeds from the Aramco IPO would be reinvested, helping to create more revenue channels for the government.

Jadaan said the impact of the Aramco share sale on the Saudi fiscal position would take time.

If not, we will wait until 2019,” Mohammed al-Jadaan said of the giant initial public offering.