The Public Investment Fund of Saudi Arabia is going to allocate hundreds of billions to the country's economy in the coming years, Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud said following the 2021 state budget's approval
DOHA (Pakistan Point News / Sputnik - 16th December, 2020) The Public Investment Fund of Saudi Arabia is going to allocate hundreds of billions to the country's economy in the coming years, Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud said following the 2021 state budget's approval.
"The Public Investment Fund intends to invest hundreds of billions in the Saudi economy next year and in future ones, allowing [us] to create new sectors, more job opportunities and secure additional income for the state," the prince said, as quoted by the SPA state media.
The investment fund has become one of the key development engines for the national economy, the prince posited, adding that the country would invest into projects to maintain financial stability and substantial economic growth.
Among the priorities is to continue fighting the coronavirus and tackling its consequences.
Late on Tuesday, King Salman bin Abdulaziz Al Saud passed the national budget for the 2021 fiscal year with an expenditure of 990 billion Riyals (around $263.9 billion) and a projected a deficit of 141 billion riyals.
According to the budget, the kingdom expects its revenues to reach 849 billion riyals in 2021, which is 10.3 percent higher than the current year.
