Saudi Arabia reported a fiscal deficit of US$1.95 billion (7.3 billion riyals) for the third quarter of the year, down from US$1.97 billion (7.4 billion) in the previous quarter, The National reports, citing official figures from the Finance Ministry. Over the first nine months of the year, the deficit shrank by a hefty 60 percent, driven by the improvement in oil revenues but also thanks to an uptick in non-oil revenues, Finance Minister Mohammed Al Jadaan said. “This [improvement in fiscal performance] has been the case despite the increase in spending on various social initiatives such as the Citizen Account, living allowances, and capital expenses on infrastructure,” the official said, adding that the government in Riyadh is determined to stick to its reform initiatives and stimulate economic growth. Earlier this month, a Finance Ministry official told media that plans were for the Kingdom to break even by 2023 by […]