Mohammed Al-Jadaan, Saudi Minister of Finance, gestures during a news conference announcing the first Quarter of Saudi budget, in Riyadh, Saudi Arabia May 11, 2017. REUTERS/Faisal Al Nasser
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Saudi Arabia's budget next year will be "expansionary but not significantly" and in line with plans to balance state finances by 2020, Finance Minister Mohammed al-Jadaan said.The government started preparing the 2018 budget in January, Jadaan said.The country is also shifting to quarterly reports on economy from annual to boost transparency as it implements the economic plan, dubbed Saudi Vision 2030 . In December, the government said it planned to spend 890 billion riyals ($237 billion) in 2017, with revenue at 692 billion riyals and a full-year deficit of 198 billion riyals.
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