Saudi Minister of Finance Mohammed Al-Jadaan said the 2022 budget reflects the Kingdom’s keenness to boost the economic growth in post-COVID 19 periods.
He added that the budget expresses the government’s keenness to use the financial resources to support health, education, and development of basic services, in addition to continuing support and social subsidies.
While announcing the 2022 budget, Al-Jadaan said that the budget is a continuation of the reforms of developing the public financial management and commitment to maintaining the previously-announced spending ceilings, In order to ensure financial sustainability and a strong financial position in the medium term.
He stressed that the realistic and responsible policies and measures are taken by the government to deal with COVID-19 limited the humanitarian, financial, and economic repercussions by providing strong support to the health and private sectors while maintaining financial sustainability for the medium and long term.
These policies reflected positively on the step-by-step recovery of the local economy, which witnessed accelerated growth in some economic activities.
This is due to expectations of achieving budget surplus and GDP growth. However, the government would borrow to repay the principal debt when it matures and take advantage of the favorable opportunities in the market.
He pointed that the government is working to develop a risk management framework to follow up and monitor the most prominent developments in the local and global economies.
The minister mentioned the recent progress in implementing the vision programs and major projects, in addition to other investment projects in various sectors, including infrastructure.
The Kingdom’s economy is witnessing continuous growth in terms of economic enablers that support the private sector. Such enablers include the effective development contribution of projects and programs carried out by the Public Investment Fund and the National Development Fund. The minister said.
He stressed that the success of such enablers is positively reflected in public finance through stimulating and diversifying economic growth and thus improving non-oil revenues. It also limits pressure on government spending, especially as the private sector leads investment and employment.
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