Minister of Finance: Current Budget is the Biggest Growth-oriented Integrated Expenditure, in the History of Saudi Arabia
الأربعاء / 2 / ربيع الثاني / 1439 هـ الأربعاء 20 ديسمبر 2017 01:21
Minister of Finance Mohammed bin Abdullah Al-Jada'an remarked that the State's General Budget of the Fiscal Year 1436/1440 AH, is the biggest growth-oriented and integrated expenditure, in the whole history of the Kingdom, calling it an integrated development as well as investment budget and disclosing, during a joint press conference he held, at the Saudi Press Agency (SPA), that the current budget is unprecedented as it appears while the oil prices are at half of their levels, in previous years.
The conference was attended by the Minister of Economy and Planning Mohammed bin Mazyad Al-Tuwaijri and Governor of the Saudi Arabian Monetary Agency (SAMA) Ahmed bin Abdulkarim Al-Khilaifi.
Government apparatus stepped, at great length, in internal coordination, to raise the efficiency and to rationalize the expending, to be ascertained that appropriations go to right allocated targets, pointing out that a non-precedent financial system has been established, inside the apparatus, adding that expenditure has been increased 4% compared to previous year, and that the deficit has been decreased to less than 10%, or exactly to 8.9% and that all private sector accrues, and that transactions has taken place, in an environment featuring transparency and disclosure.
On the hand, he indicated that the main interest of the budget is the citizen, in line with the directives of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud as well as the leadership of His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Vice President of the Council of Ministers, who run the mission of restructuring the General Investment Fund, for over than two years, a fact that culminated in revamping the fund to start new development and investment-wise projects, within the Kingdom, in partnership with the private sector and other government-run funds, to produce such an unprecedented budget, volume-wise, and in order to meet the targets of the Kingdom Vision 2030.