The Kingdom of Saudi Arabia has achieved significant progress in terms of economic diversification, with non-oil economic growth rates increasing from around 0.2 percent in 2016 AD to about 3.3 percent in 2019 AD, and reaching about 5.4 percent in the first half of 2021 AD.
Muhammad bin Abdullah Al-Jadaan, Saudi Arabia’s Minister of Finance, stated that the Saudi leadership’s directives and the coordinated efforts of the concerned authorities contributed to the Saudi economy’s gradual recovery during the Corona pandemic through plans, programs, and policies aimed at mitigating risks and maintaining gains.
Despite the difficult circumstances, His Excellency noted that the Ministry of Finance, in collaboration with the National Center for Government Resources Systems, received over 623 thousand payment orders worth over 575 billion riyals, and disbursement procedures worth around 568 billion riyals were completed.
He also mentioned that the financial sector development program has seen additional accomplishments, pointing out that the volume of trade in the local secondary debt markets grew by more than 70 billion riyals in 2020, up from 10 billion riyals in 2019. The indirect lending program also helped to finance small and medium businesses, with 642 million riyals allocated to 611 small and medium businesses.
The Minister of Finance noted that the effort to assist company sustainability as well as the Project Support Fund initiative had aided private sector firms in expanding their role in the economy.
His Excellency reviewed the program’s diligent work in developing government financial transactions and automating payment orders through the (Etimad) platform, as well as its contribution to directing support to its beneficiaries through the (Citizen Account) program, which had more than 100 billion riyals in it until the month of Muharram 1443 AH, as well as its role in developing the competition system.
“The Kingdom has achieved many achievements in indicators, reports, and international classifications,” the Minister of Finance said at the international level. “For example, the Kingdom scored an advanced position in the Availability of Venture Capital Index in the Global Competitiveness Report for the year 2020, and also occupied an advanced position in the Budget Transparency Index issued by the OECD.”
“On the eternal National Day, we have the right to be proud of the strength of the Saudi economy, and its capacity, thanks to God, to withstand the consequences of the present Corona crisis and deal with it with great flexibility,” the Minister of Finance said.