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Saudi Arabia appoints financial advisers for a planned green debt issuance

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ARAB NEWS,


RIYADH: Saudi Finance Minister Mohammed Al-Jadaan revealed that there will be no reduction in value-added tax (VAT) in the near future, but it would be considered when public finances improve in several years.


The goal of the VAT is to deal with the shock of the Corona pandemic,  he said. There will be no VAT cut anytime soon, he told Asharq, on the sidelines of the Group of Twenty (G20) meetings in Rome.


Al-Jadaan expects the Kingdom’s general budget to record a deficit at the end of this year. “We have a tendency to maintain spending control in the Kingdom despite the increase in revenues. We want to continue working efficiently, but we may raise spending to cover inflation in the future,” he said.

In the third quarter of this year, the Saudi budget achieved the first quarterly surplus since the first quarter of 2019, which amounted to SR6.7 billion, with an increase in oil revenues by 60 percent on…

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