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),

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.

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 approved its 2025 budget on Tuesday, projecting a deficit of 101 billion riyals ($26.88 billion), or 2.3% of its GDP. Finance Minister Mohammed Al Jadaan reaffirmed the kingdom’s commitment to Vision 2030,

Saudi Arabia has approved its 2025 state budget, estimating total revenues at SAR1.18 trillion ($314 billion) and expenditures at SAR1.28 trillion, resulting in a fiscal deficit of SAR101 billion ($26.