Saudi Arabia projected its 2020 budget deficit will soar to around $79 billion, the finance ministry said Tuesday, as the world's top crude exporter reels from a coronavirus-led economic downturn.

 

"It is expected that the budget deficit will increase at the end of 2020 to about 298 billion riyals, and we aim to reduce it by the end of 2021 to 141 billion riyals ($37.6 billion)," the finance ministry said in its annual budget.