HRH Crown Prince: The State Budget Statement Reflects the Kingdom's Keenness to Adopt the Highest Standards of Transparency and Financial Disclosure 2 Riyadh

Tuesday 1440/4/11 - 2018/12/18
  • Share on Google+

His Royal Highness Crown Prince Mohammed bin Salman said that the government has continued to adopt a policy of balancing debt issuance, withdrawals from government deposits and the state’s general reserves, in order to finance the budget deficit during the current fiscal year of 2018. The government will adopt the same approach in fiscal year 2019.
The Kingdom's government will continue working to implement the economic and structural reforms in various fields during 2019, HRH clarified. He stressed that the government's desire to increase efficiency of spending to ensure the best economic and social return, including the development of governmental support mechanisms to ensure that support reaches those most deserving of benefits. He pointed out that social spending represents approximately 42% of the total expenditure in the budget. The Crown Prince reiterated the interest in the development and modernization of infrastructure and government services, praising the efforts that have improved the efficiency of fiscal management.
HRH the Crown Prince said that the government has made additional investments in initiatives and programs to achieve the Kingdom's Vision 2030, which aims to support economic growth. The goal is to strengthen the infrastructure, enable the economy to create more jobs for citizens, and create an attractive investment environment that contributes to directing the national economy towards broad horizons of growth and prosperity, HRH stated.
He also stressed the importance of the private sector’s role as a strategic partner to support economic growth in the country. HRH announced that the state has allocated 200 billion in the medium term to implement multiple initiatives aimed at stimulating the private sector directly. The implementation of these initiatives began in 2018, he said.
HRH the Crown Prince pointed out that the public budget statement reflects the Kingdom's keenness to adopt the highest standards of transparency and financial disclosure to enhance confidence in the Kingdom and its economic and financial clout.
He concluded by reiterating that the government is committed to providing more services, improving the quality of life, and investing in infrastructure for the current and future generations, in order to achieve citizens’ aspirations and needs.
23:30 LOCAL TIME 20:30 GMT