Largest budget in Kingdom’s history: King

Custodian of the Two Holy Mosques King Salman on Tuesday addressing the Council of Ministers at its budget session at Al-Yamamah Palace in Riyadh on Tuesday. — SPA

Saudi Gazette report

— Custodian of the Two Holy Mosques King Salman King said that a dozen programs have been launched to realize the goals of Vision 2030 in diversifying the economic base and empowering the private sector to play a major role with sustaining expenditure efficiency.

Addressing the Cabinet’s budget session, King Salman said the budget, which is the largest in the Kingdom’s history, focused on continuation of the Kingdom’s growth through diversification of its economic base.

“All these are aimed at realizing appropriate economic growth rates, mitigating the burden on citizens and tackle possible impacts, in addition to supporting the private sector.”

The King hailed the achievements with regard to decreasing the budget deficit of the current fiscal year that exceeded 25 percent compared to the last fiscal year, despite an increase in expenditure.

The King said the target is to decrease the deficit of the next year’s budget to less than 8 percent of the gross domestic product (GDP).

King Salman also emphasized the government’s keenness on maintaining fiscal policies, including the level of debt to GDP to remain below 30 percent.

This budget continues to spend at higher rates on various development sectors in all regions of the Kingdom, he said.

“We have directed ministers and all officials to raise the level of performance, as well as to improve government services and enhance the efficiency of expenditure and transparency to meet the aspirations and realize satisfaction of the citizens in the services provided to them,” the King said.

“I have taken into consideration the continuation of work towards comprehensive and balanced development of all regions of the Kingdom, without any distinction,” he added.