KSA reduced its fiscal deficit in the first quarter of 2017 by more than half.

RIYADH (Daily Dunya) Saudi Arabia has stated that fiscal deficit has dropped significantly in the first three months of ongoing fiscal year. Kingdom witnessed the drop as it had significantly decreased unnecessary official expenditures.

Saudi Arabia s deputy economy minister said the kingdom had reduced its deficit in the first quarter of 2017 by more than half in part because of prudent public spending.

"The fact that the first quarter deficit was 26bn riyals [$6.93bn] when 54bn riyals was projected at the beginning of the year. This is a very excellent step toward rationalised spending," Mohammed al-Tuwaijri, deputy minister of economy and planning told state-run TV.

It should be recalled that kingdom is witnessing massive reforms as Saudi Arabia is gradually lessening rely on oil exports.