Saudi Gazette report RIYADH — The Minister of Finance Mohammed Al-Jadaan has said that tripling value-added tax (VAT) to 15% was the best among the bitter choices the government took during 2020. Al-Jadaan, among three ministers in the dialogue, spoke about the achievements made by Vision 2030 during the past five years. Al-Jadaan leads the Financial Sector Development Program, Privatization Program and Fiscal Sustainability Program. Chairs of the Kingdom's Vision 2030 Realization Program Committees held a dialogue session entitled Vision 2030 Creates Future Opportunities in Riyadh. The session aims to discuss the Vision's journey over the past five years and upcoming achievements and challenges, and features of the next phase. The dialogue session included the Minister of Health Tawfiq Al-Rabiah as the head of the Health Sector Transformation Program and Minister of Tourism Ahmed Al-Khatib as the head of the quality of life program and the Adviser at the Royal Court Muhammad Al-Tuwaijri, who heads the national transformation program. At the outset of the session, a documentary film was shown reviewing the Kingdom's Vision 2030 plans and objectives within five years, which target all economic fields, quality of life, development of the tourism sector, and others. The Minister of Finance said that the Kingdom saved more than SR400 billion from government spending and the private sector contribution rose from 45% to 51% in 2020. “Saudi Arabia will reconsider the value-added tax (VAT) upon achieving certain objectives, such as the Kingdom’s gross domestic product (GDP) growth, economic broadening, and a steady rise in oil price,” Al-Jadaan added. Al-Jadaan, talked about the most prominent structural reforms achieved by the economy due to the Vision, including the development of the financial sector. With regard to privatization, Minister Al-Jadaan explained that the financial allocation mechanism for all different sectors was reviewed, along with achieving the Vision. At the same time, all projects and operational spending were studied more carefully to reduce unnecessary spending. In the financial market, he indicated that the Kingdom joined the international indicators, such as FUTC (Facilities under Control), which resulted in the entry of 400 percent of the additional investors and international founders, as well as the entry of an additional SR150 billion into the market, and the entry of investors who can study investment opportunities and achieve balance in the market. Over the past months, the debt market has been developed by increasing transactions in the market to more than 600 percent. The banking sector has witnessed huge jumps, including financial technology, of which we have seen its applications' positive effect during coronavirus pandemic. Furthermore, enabling the private sector to participate in a more significant way in providing the services previously provided by the government and enabling the government to spend on more projects through the use of the private sector and its investments. He affirmed that taxes are an essential part in non-oil world countries, indicating that the government's goal is to expand the economy to reduce the economic burden, whether in fees or taxes off the shoulders of the citizen or the private sector, indicating that expanding the economy increases revenues so that the government has the ability to reduce costs off the shoulders of the citizens and the private sector. He referred to the initiative of the Public Investment Fund, which after 2030 will be an essential resource for public treasury resources to reduce the need for additional resources, whether through fees or otherwise. The minister said that there are policies, the most important of which is reducing the unemployment rate, increasing the purchasing power of citizens, and providing an environment that enables young men and women to start their work to support small and medium enterprises. He added that this is a very important element not only to provide a business environment for citizens but a very high employment environment, during which a bank for small and medium enterprises was established in implementation of the order of the Custodian of the Two Holy Mosques King Salman and under the directives of the Crown Prince. He also emphasized that the main focus of the Kingdom's Vision 2030 is the citizen through direct or indirect initiatives. He cited that the Ministry of Commerce and a part of the National Transformation Program launched the 9/10ths Initiative to provide opportunities for entrepreneurs and young investors of citizens to carry out their business and actively participate in the economy to provide additional income for the citizens. He pointed out that the reason for issuing bonds in euros and their return is investor confidence. On the other hand, the Minister of Tourism Ahmed Al-Khatib, said that the Vision aimed to “improve the life >