Saudi Arabia makes major headway in economic reforms | World Defense

Saudi Arabia makes major headway in economic reforms


Nov 19, 2017
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Saudi Arabia
Saudi Gazette report

- Saudi Arabia has made significant progress in advancing the economic reforms in 2017, according to a senior official of the Ministry of Finance.

“The government is moving on the right track toward effective economic management, despite the difficult conditions globally. A series of measures have been implemented to improve the efficiency and effectiveness of government expenditure,” said Yarub Al-Thunayan, undersecretary at the ministry for communications and information.

He said that the ministry will hold a press conference following the announcement of the state budget for the fiscal year of 2018 at the headquarters of the Saudi Press Agency in Riyadh at 5:30 p.m. on Tuesday.

Finance Minister Mohammed Al-Jadaan, Minister of Economy and Planning Mohammed Al-Tuwaijri, and Saudi Arabian Monetary Agency (SAMA) Governor Dr. Ahmed Al-Khulaifi will attend the press conference.

Al-Thunayan said that the government was successful in adopting those reforms that helped to bring down fiscal deficit significantly from 12.8 percent of the gross domestic product (GDP) in 2016 to 8.9 percent of GDP in 2017.

He said the budget would emphasize the government’s approach to enhance transparency and improve the criteria for financial disclosure as one of the pillars of its strategy toward achieving the fiscal balance program under the Kingdom’s Vision 2030. He said that the government’s focus would be to continue pumping investments in initiatives that contribute to promoting economic growth, supporting the private sector and improving services to citizens in the sectors of education, health, social development, municipal services, housing and public transport.

According to Al-Thunayan, there will be a thrust in the budget to raise the efficiency of government spending, help government agencies to better plan their budgets and prioritize spending on their projects and development programs. He said that the ministry has fulfilled its commitment with regard to the promises made this year, including the disbursement of dues owed to the private sector in less than 60 days. “The ministry has succeeded in disbursing more than 90 percent of the total dues within 45 days,” he added.

Meanwhile, Minister of Commerce and Investment Majed Al-Qasabi, Minister of Energy, Industry and Mineral Resources Khaled Al-Falih, and Supervisor of Public Investment Fund Yasir Al-Romayyan will hold a joint press conference on the theme of “Impact of expansionary spending on the private sector” in the light of the general budget in Riyadh on Wednesday.