Saudi Gazette report

RIYADH — Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, affirmed that improving the living standard of citizens is at the heart of the government’s efforts to diversify the economy and achieve financial stability through stimulus packages to the private sector and generating more jobs for Saudis.

In a press statement following the announcement of the state budget for the fiscal year 2018, the Crown Prince said the allocation in the budget for public spending amounted to more than SR1.1 trillion.

“The announcement about the largest government spending program in the history of the Kingdom is a strong indication of the success of our efforts in improving public financial management, despite the decline in oil prices.”

Crown Prince Muhammad said the economic reform programs under Vision 2030 are beginning to achieve tangible results. Approximately 50 percent of this year’s budget will be financed from non-oil sources of income.

He stressed that the 2018 expansionary budget included a comprehensive set of new development initiatives aimed at achieving financial and economic stability.

“Vision 2030 is to stimulate the main economic sectors, thus generating employment opportunities, improving basic services to citizens and developing infrastructure projects,” the Crown Prince said.

He pointed out that the expenditure of the public bodies in the country has been coordinated to achieve the development goals for the coming fiscal year.

“Expenditure will come from three main sources. Expenditure from the budget will reach SR978 billion. In addition, SR50 billion from development funds under the National Development Fund. The third source of capital is investment spending within the Kingdom from the Public Investment Fund (PIF) to fund its new and existing projects. The fund will reach SR83 billion in the next fiscal year, increasing total public expenditure to more than SR1.1 trillion in 2018.

The Crown Prince stressed that the government will do all it can to promote economic growth and improve the standard of living of citizens.

Spending of PIF for the coming year will lead to more economic development and create more job opportunities for citizens and help the private sector to open new fields of investment.

“The budget includes earmarked allocations for the provision of more residential products, and will support connecting 700,000 homes with fiber optic network to provide telecommunications services to help citizens get more services through high-speed Internet.