Quarterly report on Saudi budget soon, says Al-Jadaan

Saudi Arabia’s finance minister, Mohammed Al-Jadaan, said that the ministry will announce the quarterly budget report in the next few days in keeping with transparency norms.

Speaking at the Euromoney Saudi Arabia Conference in Riyadh on Tuesday, the minister said the state budget for 2018 was being prepared with the concerned authorities, in accordance with ceilings approved at the beginning of the current fiscal year.

The minister said the Kingdom currently enjoys a strong financial position, thanks to financial reserves. Gross domestic product (GDP) has doubled over the last 10 years, he noted.

He said in order to boost the role of the private sector in the Saudi economy, the government has packaged incentives schemes worth a total of SAR 200 billion over four years.

Workshops are being held with representatives of the private sector in a number of Saudi cities, and their results will be disclosed over the coming two months.

Al-Jadaan added government policies will focus on improving the investment climate and raising the market competitiveness.

Various government agencies will submit monthly reports to the Saudi finance ministry to boost performance and ensure transparency, he added.