Saudi Arabia won't consider energy price hikes until after Citizens Account program

Saudi Arabia's cash-transfer scheme, the Citizens Account program, will be launched before the government hikes energy prices, Saudi Arabia’s Finance Minister Mohammed Al-Jadaan told Al-Arabiya TV in an interview.

The Citizens Account program is a cash-transfer scheme designed to help low- and middle-income Saudis.  

Meanwhile, the Kingdom plans to issue sukuk in July, as part of its planned bond sales, he said, adding that the size and value of the sukuk have not yet been decided as they depend on both the market and the demand.

As for the second quarter of this year’s budget, the deficit is expected to be lower than expected at the beginning of the year, in line with the ministry’s estimates.

Expenses are likely to be lower than the budget estimates, while revenues will probably be higher than expected, although the difference may not be as high as in the first quarter, he added.