Saudi Minister of Finance, Acting Minister of Economy and Planning, Mohammed bin Abdullah Al-Jadaan, confirmed that the state’s general budget for the fiscal year 2021 aims to continue spending on major projects, Kingdom’s Vision 2030 realization programs, and support the private sector through the National Development Fund and its funds, in addition to the Public Investment Fund to provide more jobs for citizens, and encourage them to self-employment to enhance their incomes, and enable them to enjoy better quality services.
He thanked the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense on the occasion of the approval of the state’s general budget.
During the press conference accompanying the announcement of the state’s general budget 2021, Minister Al-Jadaan indicated that the year 2020 was exceptional, as the government dealt with it professionally and harmoniously.
Al-Jadaan pointed out that the government has taken strict, swift and decisive decisions in harmony between government agencies to give priority to human health first. He expected that government expenditures will increase from the approved budget for this year 2020 to reach about SR1,068 billion, while the total expenditures are estimated SR990 billion riyals in 2021.
At the level of sectors, Finance Minister pointed out that spending on the municipal services sector is expected to increase by about 4.6% and the education is expected to increase sector by 1.4% by the end of 2020 compared to the previous year, while spending on the military sector is expected to decrease by 5.9% for the same period. Operating expenses are about SR889 billion in 2021, compared to SR931 billion in 2020.
Al-Jadaan emphasized that legislative reforms during the past years enabled the government to absorb the shock and deal with the COVID-19 pandemic efficiently.
He praised what was mentioned in the statement of the state’s general budget for the year 2021, that the Kingdom enjoys a strong financial position given the large size of its reserves with relatively low government debts. He pointed to the reports issued by international credit rating agencies, which confirmed the strength and durability of the Saudi economy, and its ability to face the crises that the world is currently witnessing.
He spoke about the world’s benefit from the Kingdom’s leadership of the G20, and its proactive support for research and medical supplies, indicating that the Kingdom was able to manage the energy crisis through the OPEC Group and OPEC Plus to restore energy market balance.
The Minister of Finance, Acting Minister of Economy and Planning, Mohammed bin Abdullah Al-Jadaan confirmed that the financial and economic initiatives taken by the Kingdom’s government in previous years within the Kingdom’s Vision 2030 programs have contributed to reducing the effects of the pandemic on citizens and expatriates, and the local economy. He added that the Kingdom is one of the top 10 countries dealing with the economic repercussions of the COVID-19 pandemic in the G20. He expressed his optimism that the pace of growth will accelerate with the demise of the pandemic, especially after the adoption of the vaccine, and things return to normal, therefore the Kingdom will be one of the G20 countries to recover from the pandemic.
