Saudi debt management center inks MoU to boost government spending efficiency

The National Debt Management Center (NDMC) and the Center of Spending Efficiency (CSE) signed, on Oct. 4, a memorandum of understanding (MoU) for cooperation in common areas of work.

The MoU is aimed at boosting the efficiency of government spending and finding optimal ways to finance government projects, Saudi Press Agency reported.

The two parties will search for appropriate technical solutions to finance government projects, and to define a framework for cooperation between them to serve common goals for the achievement of public interest.

Fahad Al-Saif, president of NDMC, confirmed that the MoU is consistent with the center’s objectives, which include securing financing for government projects, managing direct government debt and potential financial liabilities, and securing the Kingdom's needs for financing at the best possible costs in the short-, medium-, and long-term.

As per the MoU, opportunities for financing multiple projects will be reviewed and discussed according to criteria determined by NDMC in order to enable strategic projects for Vision 2030.

CSE CEO, AbdulRazzag AlAujan, said that the MoU will affirm the existence of common goals between the two parties and their ability to work with each other.

CSE aims to identify opportunities in order to achieve efficient spending, through studying the details of spending and operational and capital practices related to government entities.

Moreover, it falls within the objectives of NDMC to contribute towards setting and developing the Kingdom’s public debt policy, AlAujan pointed out.