Saudi Arabia sees 2023 budget surplus bump

In the black: Saudi Aramco engineers look at a gas liquid recovery plant in Saudi Arabia. The world’s top crude exporter is standing by most of its forecasts even as the oil market is close to wiping out its gains for the year. — AP

RIYADH: Saudi Arabia boosted its forecast for next year’s budget surplus compared with projections made just three months ago, in a sign of confidence that its revenues will hold up despite jitters in the oil market and fears of a global economic slowdown.

The government’s latest fiscal outlook, showed it now expects to run a surplus of 16 billion riyals (US$4.3bil or RM18.9bil) in 2023, nearly double a previous estimate of nine billion riyals (RM10.5bil).