Saudi Arabia on Tuesday approved the country’s general budget for the 2025 fiscal year, forecasting a total deficit of 101 billion Saudi riyals ($27 billion), as the kingdom continues to spend on reforms aimed at transitioning the economy away from oil.

Declining oil prices and production cuts have reduced Saudi revenue, but Vision 2030 initiatives, such as large infrastructure projects, aim to boost non-oil sectors like tourism and manufacturing.

Saudi Arabia is "doubling down" on its multi-billion dollar plan to overhaul its economy and cut the kingdom's dependence on oil rents, the finance minister told an investor summit in Riyadh on Wednesday.

Saudi Arabia on Tuesday approved a budget for 2025 that projected a smaller deficit than last year as officials recalibrate a reform drive meant to transition the economy away from oil.

Saudi Arabia’s Crown Prince Mohammed bin Salman has approved the Kingdom’s budget for 2025, marking another significant step toward the nation’s economic transformation. The total revenue for the year is set at 1.

By Yousef Saba, Rachna Uppal and Nayera Abdallah RIYADH/DUBAI (Reuters) - Saudi Arabia approved its state budget on Tuesday for 2025 forecasting a fiscal deficit of 101 billion riyals ($26.88 billion),