The Saudi Cabinet, headed by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, has approved the Kingdom’s budget for the next year.
King Salman directed ministers and officials to pay attention to the security and health of citizens and residents and human development, stressing the Kingdom’s goal of continued growth, economic diversification, and financial sustainability.
King Salman’s speech:
At the beginning of the session, the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud – may God support him – gave a speech to male and female citizens in which he announced the budget.
The following is the text of the Custodian of the Two Holy Mosques’ speech:
With God’s help and success, we announce the budget for the next fiscal year 1443/1444 AH (corresponding to 2022 AD) after the Kingdom has overcome the economic effects, the exceptional stages of the (Covid 19) pandemic, and the continuation of the Kingdom’s economic launch, as a result of economic and financial reforms, according to the Kingdom’s vision 2030, where we aim to pay attention Security and health of citizens and residents, human development, continued growth, and economic diversification, and financial sustainability.
Expenditures in this budget amount to (nine hundred and fifty-five billion riyals), and revenues are estimated at (one thousand and forty-five billion riyals), with a surplus of up to (ninety billion riyals).
We are determined – with God’s help – to continue implementing initiatives and economic reforms to achieve the goals of the Kingdom’s Vision 2030, continuous improvement in quality of life, optimal use of available resources, and raising the level of transparency, efficiency, and quality of government spending. To enhance growth and development rates, develop basic facilities and services for citizens and residents, develop the educational environment, and support housing plans.
The budget confirms our keenness to protect and enhance our gains, and I have directed ministers and officials, each within its jurisdiction, to actively commit to implementing the budget’s development and social programs and projects, and to follow up on the health situation, in light of the ongoing pandemic and its repercussions on health and economic conditions locally and internationally, and to provide allocations Necessary for the health sector, to raise its efficiency and provide vaccinations, for all citizens and residents on the territory of the Kingdom.
In conclusion, we thank God for the blessing of security, safety, and stability that God has bestowed on our country. We will continue to work with all our resources and energies, foremost of which is the Saudi citizen; To achieve our goals, we seek the help of God Almighty and trust in Him.
Peace, mercy, and blessings of God.
After that, His Highness, the Secretary-General of the Council of Ministers, Prince Abdul Rahman bin Muhammad bin Ayyaf, read the royal decree on the budget.
Then the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud – may God protect him – signed the royal decree on the budget.
Under the generous guidance, His Excellency the Minister of Finance, Mr. Muhammad bin Abdullah Al-Jadaan, gave a brief presentation on the state’s general budget, during which he spoke about the financial results for the current fiscal year 1442/1443 AH, and reviewed the main features of the general budget for the new fiscal year 1443/1444 AH.
The Minister of Finance indicated that the budget is a continuation of the reform process that supports the development of public financial management, with the government’s commitment to maintaining previously announced spending ceilings, to ensure financial sustainability in the medium term, and a strong financial position that enables the state to confront any emergency variables, and absorb unexpected economic shocks.