Riyadh-Saudi Ministry of Finance submitted its strategy to enable Saudi Arabia to be among the 15 largest economies in the world by 2030 with 22 programs and 74 projects the Kingdom is working on achieving them by 2020.
Saudi Finance Minister Mohammed al-Jadaan unveiled a stimulus package that involves a four-year SR200bn program that is intended to provide low-cost loans to help businesses restructure debts, extend lending limits to companies that contribute to employment and fund small- and medium-sized enterprises.
“The government made a clear commitment that it will increase the level of transparency,” Jadaan said.
“We will for the first time in Saudi Arabia announce, possibly in a couple of weeks or less, the first quarterly results of the budget,” Jadaan told the Euromoney Saudi Arabia Conference.
He said that his ministry has prepared a strategy aiming at enabling Saudi Arabia to be among the largest 15 economies in the world through developing a distinct financial system.
“To achieve this goal the Kingdom has adopted a strategy that is based on five pillars related to developing sustainable financial policies, improving the efficiency of the management of the financial resources, improving the quality of accounts, enhancing transparency, optimizing the utilization of state assets and boosting the Kingdom’s position globally and regionally.”
According to Jadaan, some of the most important projects include developing the framework of public finance, building government revenue policies, improving budget preparation and implementation, enhancing the government procurement system, transferring to accrual based accounting, boosting the regional and international presence of the Kingdom and improving cash management.