NEOM — The Saudi Council of Ministers on Sunday approved the general budget for the fiscal year of 2022; with estimated total revenues of SR1045 billion and spending of SR955 billion. Custodian of the Two Holy Mosques King Salman chaired the virtual session of the Cabinet; that endorsed the budget with a surplus amounting to SR90 billion, the Saudi Press Agency reported.
At the outset of the Cabinet session, King Salman announced the budget in a speech in which he said:
“With Allah’s blessing, we announce the budget for the fiscal year 2022 after the Kingdom overcomes the economic repercussions and the exceptional phases of the coronavirus (COVID-19) pandemic. The Kingdom has been continuing its economic and financial reforms in line with the Saudi Vision 2030; by which we aim to place further attention on the security and health of citizens and residents; as well as on human development, the continuation of economic growth and diversity, and financial sustainability.”
The King reiterated the government’s determination to continue implementing economic initiatives; and reforms to realize the targets of Saudi Vision 2030; and develop the quality of life with the best utilization of available resources. He also emphasized the government’s keenness to increase transparency, efficiency, and quality of government expenditure to enhance growth and development rates; develop the basic facilities and services for citizens and residents, improve the educational environment, and support housing plans.
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“The budget stresses keenness on preserving and enhancing our gains, and hence I directed ministers and officials; each within his powers to effectively commit to implementing the items in the budget; as well as the programs, development and social projects it includes; and following up the health conditions in light of the ongoing Covid pandemic and its repercussions on the health and economic conditions locally and internationally. Therefore, the government is providing all the necessary allocations for the health sector to increase its efficiency; and secure vaccines for all citizens and residents in Kingdom,” the King added.
Then, Secretary-General of the Cabinet Prince Abdulrahman Bin Mohammed Bin Ayyaf read out the Royal Decree on the budget, which the King signed. As per the Royal Decree, revenues shall be levied according to financial regulations; and deposited in the Saudi Central Bank’s current account of the Ministry of Finance. Also, the Minister of Finance is authorized to issue debt instruments, all kinds of Sukuk, borrowing, and financing in all its forms.
Minister of Finance Mohammed Al-Jadaan, in his briefing on the surplus budget, said,
“The budget is a continuation of the reform process supporting the development of the general financial administration with the government’s commitment to preserving the expenditure ceilings announced earlier, guaranteeing the financial sustainability at the medium term, and a strong financial status that enables the state to face any emergency changes and absorbing any unexpected economic shocks.”