"We aim to create an attractive investment environment that contributes in directing the national economy towards wider prospects of diversification, growth and prosperity. The government will continue to move forward in implementing the stages of economic transformation and progress in diversifying the productive base in the economy while maintaining financial sustainability and providing wider opportunities for a better future for the current and upcoming generations," HRH the Crown Prince said.
In a press statement following the announcement of the State's General Budget for the fiscal year 1441/1442H (2020), HRH the Crown Prince stated that the government has a clear vision, firm goals and specific plans that we are working to make a progress in implementing them with maintaining financial and economic stability as an essential pillar of sustainable economic growth.
"The financial and economic results and indicators confirm that we are positively making progress and we are constantly reviewing and updating the implemented policies, procedures, and programs to ensure their effectiveness and correct their course whenever need arises in order to achieve the goals of the vision with taking into consideration the global financial and economic conditions and what is in the interest of the homeland and citizen," HRH the Crown Prince said.
"Budget 2020 comes in light of a global economic climate that prevails challenges, risks and protectionist policies, which requires flexibility in managing the public finances and enhancing the ability of the economy to address these challenges and risks. We aim, through this budget, to take advantage of what has been achieved from programs and build on it, so that the balance is continued between the pace of economic growth rates and the maintaining of sustainable financial stability that ensures support for this growth," HRH the Crown Prince.
HRH the Crown Prince asserted that the financial control policies and the development of public financial management as well as its efficiency contributed to continuing to reduce the budget deficit, adding that the deficit in 2019 is expected to reach about 4.7% of the GDP in comparison with (5.9%) in 2018 and (9.3%) in 2017, which confirms the continuation of efforts to ensure financial sustainability with progress in implementing projects and developing the private sector.
HRH the Crown Prince affirmed that the 2020 budget will continue to support programs to achieve the vision through contributing in financing major projects, developing the activities of medium, small and micro enterprises and supporting entrepreneurs that are among the most important engines of the economic growth, which will also diversify the economy and open new fields for investment and employment.
"Some of these programs and schedules are revised to implement them in order to ensure that they achieve the intended return, while continuing to develop and modernize the government infrastructure and services," HRH the Crown said, stressing that the government focuses on raising spending efficiency and improving its quality to achieve the best use of the available State's resources and the highest social and economic return as possible.
Source: Saudi Press Agency