RIYADH/DUBAI (Reuters) - Saudi Arabia approved its state budget on Tuesday for 2025 forecasting a fiscal deficit of 101 billion riyals ($26.88 billion), as its finance minister said the kingdom will continue to spend on massive gigaprojects designed to wean the economy off oil.

Saudi Arabia on Tuesday approved a budget for 2025 that projected a smaller deficit than last year despite continued heavy spending on reforms to transition the economy away from oil.

Saudi Arabia on Tuesday approved the country’s general budget for the 2025 fiscal year, forecasting a total deficit of 101 Saudi riyals ($27 billion), the kingdom’s Ministry of Finance said, as reported by state news agency SPA.