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Saudi Finance Minister is reconsidering some of the private sector costs

Saudi Finance Minister is reconsidering some of the private sector costs

The Kingdom’s objective, according to Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan, is to foster growth rather than boost non-oil revenues.

“We aim to foster growth rather than boost non-oil revenues,” Al-Jadaan continued, “and some private-sector expenditures will be examined.”

He noted that the budget demonstrates the government’s desire to go forward in encouraging economic growth in the post-pandemic stage, as well as to mobilize financial resources for health, education, and basic service development.

He emphasized that support and social benefits will continue, implying that the budget is part of a reform process aimed at improving public financial management.

He reaffirmed the government’s commitment to sticking to the previously set spending caps to achieve long-term financial stability and a strong financial position that would allow the state to deal with any unexpected changes.

The importance of economic enablers in supporting the private sector in the Kingdom’s economy is growing, according to the Minister of Finance.

On top of these assets, the Public Investment Fund and the National Development Fund both make a significant contribution to development through their initiatives and programs.

In addition to
(NDLP), the National Investment Strategy, the Partner Program, the Financial Sector Development Program, and privatization, there has been progressing.

He emphasized that the success of these options has a favorable impact on public finances by encouraging and diversifying economic growth and so improving non-oil income.

He asserted that the success of these options reduces the burden on government spending, particularly because the private sector is driving investment and employment.

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