Saudi Arabia adjusts budget preparation process to boost transparency

In a bid to boost financial disclosure and transparency, the Saudi Ministry of Finance changed the preparation process for its state budget this year.

The new procedures include developing and implementing a financial framework to improve risk management and determine policies that will be implemented in the medium-term, Asharq Al-Awsat newspaper reported, citing Yaser Al-Fahaidan, Deputy Minister for Budget & Organizational Affairs.

The procedures also include preparations for adopting a unified treasury account, in order to better manage cash resources and transition from cash accounting to accrual accounting, he added.

The 2018 budget preparation process is in-line with the Kingdom’s Fiscal Balance Program, which aims to enhance the efficiency of public finances; develop new mechanisms to review expenses, revenues and projects; and manage state funds more efficiently.

Saudi Arabia plans to reveal the state budget for 2018 tomorrow following the cabinet’s approval, Argaam previously reported.