The kingdom of Saudi Arabia has said it recorded a budget surplus of $27.13 billion in 2022 due to high oil prices — its first surplus in nearly a decade.
Since the onset of the Russian-Ukraine war, the Arab country has been benefiting from the increase in oil prices.
According to Saudi Arabia’s finance ministry, the surplus for 2022 amounted to 2.6 percent of its gross domestic product (GDP).
The surplus is said to be $3.2 billion higher than the country expected.
On Wednesday, Saudi Arabia’s crown prince, Mohammed Bin Salam said that the success of the kingdom’s reforms in the operating model of the public sector and the economy contributed to the achievement of a budget surplus.
Saudi Press Agency (SPA) quoted the crown prince as saying the budget surplus would be directed towards boosting government reserves, supporting state funds and strengthening the kingdom’s financial position.