The Saudi national budget deficit in January-March reached 34,107 billion riyals ($9,07 billion) due to the collapse of oil prices and the coronavirus crisis, Financial Ministry said on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 29th April, 2020) The Saudi national budget deficit in January-March reached 34,107 billion Riyals ($9,07 billion) due to the collapse of oil prices and the coronavirus crisis, Financial Ministry said on Wednesday.
"The total revenue for the first quarter amounts to 192,072 billion riyals, which has decreased by 22 percent compared to the same period of the last year," the ministry said in a statement.
The statement also read that oil income in the first quarter fell by 24 percent to 128,771 billion riyals, while non-oil revenue has decreased by 17 percent to 63,3 billion riyals.
To compare, during the first quarter of 2019 the Saudi national budget saw a surplus of 27,8 billion riyals and the January-March revenue stood at 245,41 billion last year.
Global oil prices have slumped more than 65 percent this year as demand for oil fell due to limits on non-essential travel, work and social activity across the world amid the pandemic.
To date, the Saudi Health Ministry has confirmed 20,077 coronavirus cases with 152 fatalities and 2,784 recoveries.
