Politics & News

Saudi citizen is the kingdom’s greatest asset for success: Crown Prince

HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Council of Economic and Development Affairs, stated that the Kingdom’s government’s economic transformation process is ongoing and that the positive results achieved so far confirm the success of economic and financial reforms.

 

His Highness stated that the government intends to prioritize capital spending on regional and sectorial strategies in the 2023 budget. This is in line with the Kingdom’s Vision 2030 and national directions.

 

The government continues to implement programs and projects with economic and social returns, as well as supporting economic diversification and enabling the private sector to improve the business environment and overcome obstacles; to make it an attractive business environment, to raise economic growth rates for the coming year and in the medium term.

 

“The economic recovery, financial control initiatives and policies, development, and efficiency of public finance management all contributed to achieving a budget surplus while maintaining achievement of the vision’s main objectives,” His Highness said.

 

The surplus in 2022 will strengthen government reserves, support national funds, and strengthen the Kingdom’s financial position.

 

His Highness stated that the fiscal and structural reforms implemented since the launch of the Kingdom’s Vision 2030 have helped to improve financial and monetary indicators. In addition, they have contributed significantly to the process of economic diversification and financial stability.

 

This led to the creation of new opportunities. The result of this was a 9.7% drop in unemployment among citizens during the second quarter of 2022. This was the lowest rate in years. This indicates more than 2.2 million citizens work in the private sector, the highest number in history. His Highness also lauded the rise in female economic participation from 17.7% to 35.6%.

 

Likewise, His Majesty the Crown Prince stated that Saudi citizens are the Kingdom of Saudi Arabia’s most valuable asset. This is because the citizen’s role is critical to comprehensive and sustainable development. In addition, it will help us to achieve achievements and move forward in various fields and promising sectors.

 

His Highness stated that the government is continuing its efforts to strengthen the social support and protection system for citizens, citing the importance of this system in providing a decent standard of living for all citizens, particularly lower-income groups.

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