12 agreements were signed at the government level, nine agreements were signed between government departments and the private sector of both countries, and 25 agreements and memorandums of understanding were signed between Saudi and Chinese private companies.
First Published Dec 10, 2022, 4:27 PM IST
Riyadh: During Chinese President Xi Jinping’s visit to Saudi Arabia, Saudi Arabia and China signed a total of 46 agreements and memorandums of understanding. China and Saudi Arabia signed 12 government-level agreements and memorandums of understanding in the fields of hydrogen energy, justice, Chinese language learning, housing, investment, radio and television, digital economy, economic growth, news coverage, tax management, anti-corruption, and standardization. Nine agreements and memorandums of understanding were signed between government departments and the private sector of both countries, and 25 agreements and memorandums of understanding were signed between private companies in Saudi Arabia and China.
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102 billion riyals surplus in current year budget in Saudi; The Ministry said that the country has achieved a great economic situation
Riyadh: The Saudi Ministry of Finance said that the country has achieved a great economic situation in the current year. The Ministry of Finance stated that a surplus of 102 billion riyals was recorded in the current year’s budget. This is 2.6 percent of the gross domestic product. The ministry also explained that this was possible with the support of increase in oil revenue.
The actual revenue for this year was around 1.234 lakh crore riyals as compared to 1.045 lakh crore riyals estimated while preparing the budget. The cost was expected to be 955 billion riyals. But even though it cost more than the estimate, it did not reach the arrival. The total cost is Rs 1.132 lakh crore.
The last surplus in the country’s budget history was 180 billion riyals in 2013. Since 2014, the deficit in the budget has started to show. In 2015, the deficit reached an all-time high of 367 billion riyals. In 2016, the deficit narrowed to about 300 billion riyals. The surplus was gradually declining till 2019. But in 2020, the year of Covid, the budget deficit has come down significantly. From the following year, the surplus was recorded. At present, the trend is that the surplus will continue. The surplus is expected to be 71 billion riyals in 2025.
Last Updated Dec 10, 2022, 4:27 PM IST
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