Council of Economic Affairs ends Financial Sector Development Program

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The Council of Economic and Development Affairs (CEDA) approved, during its meeting, the termination of the Financial Sector Development Program (FSDP).

The FSDP was one of the first programs to achieve their targets under Vision 2030. The program was wrapped up it completed implementing its plans, ensuring continued progress and achievement. The program contributed to establishing the foundations of financial sustainability across various key sectors.

The CEDA reviewed the program's performance and its accomplishments in achieving a positive transformation in public finances, Saudi Press Agency reported.

This transformation was through the implementation of numerous reforms and the establishment of effective entities, contributing to the diversification of income sources, enhancing government spending efficiency, and strengthening financial planning capabilities.

The council discussed the updated executive plan for the Quality of Life Program, which included a review of the program's scope and aspirations, challenges and efforts made, its pillars and strategic considerations, as well as the significant progress in quality of life since the launch of Vision 2030.

This progress was driven by the combined efforts of various government entities to achieve the Vision's goals, as well as the aspirations of citizens, residents, and visitors.

Presentations related to policies, studies, and strategies were discussed, including those concerning the governance of national strategies, and the necessary enablers to activate proposed plans for improving waste management in Riyadh, as well as the project for a unified policy to determine the need for medicines, medical devices and supplies in the healthcare sector.

The council also reviewed the quarterly executive summary of the GDP and national accounts for 2024, summaries of the monthly reports on the consumer price index and wholesale prices, and their executive summaries, along with the monthly executive summary of foreign trade for 2024, as well as the core reports underlying these summaries.

This came during the council's meeting to review the periodic economic report for January, submitted by the Ministry of Economy and Planning. The report included an analysis of developments in the global economy, key forecasts for global economic growth, the impact of political trends and global changes on emerging market economies, and their reflection on the national economy.

The economic indicators show stability in economic performance despite global fluctuations and risks, amidst challenges in international trade and geopolitical conditions, supported by growth in both consumer spending and the private sector, in alignment with the goals of Vision 2030.