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Saudi Arabia plans to increase the budget's oil revenues by 80% by 2023

The Government of Saudi Arabia has developed a six-year program to achieve a balance of income and expenditure. The program provides for higher oil prices and an increase in oil revenues in 2023 by 80% to 801.4 billion riyals ($214 billion), compared with 440 billion riyals this year, Bloomberg reported.

As the Saudi Arabian authorities expect, the increase in oil revenues will help the kingdom achieve a budget surplus for the first time in 10 years.

Despite the fact that the Saudi authorities are implementing measures to reduce the dependence of the country's economy on the oil sector, rising oil prices are still very important for stimulating the country's economic growth and, as the government expects, will help it in creating other sources of growth.

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