Saudi Arabia records significant growth on fiscal overhaul, says Al-Jadaan

Saudi Arabia’s economy has been witnessing significant growth year-to-date, backed by the economic consolidation plan as well as other financial measures within the Kingdom’s Fiscal Balance Program 2020, Saudi Minister of Finance Mohammed Al-Jadaan said in the Financial Stability Forum 2018.

“We have recorded significant improvement in state finances with a gradual decline in deficit rates, as compared to the same period last year, and to the approved budget,” said Al-Jadaan.

“We enjoy strong financial position, backed by significant developments in the banking as well as the insurance sectors, in addition to financing firms, asset-management funds and the stock exchange,” he added.

The SAR-denominated sukuk as well as international bond issues aimed at fulfilling the Kingdom’s financing needs, he noted, adding that the Saudi debt issues valued at SAR 298 billion had received an overwhelming turnout.

Al Jadaan added that the Kingdom’s economic, fiscal, social and administrative reforms come as part of the broader Saudi Vision 2030 to boost revenue sources and diversify the world’s top crude exporter away from oil.

“The Kingdom will continue its economic reforms to achieve the objectives of the Fiscal Balance Program through maximizing revenues, raising the efficiency of government spending and stimulating the economic growth rates," Al-Jaadan continued.