Saudi Minister of Finance Mohammed Al-Jadaan announced on Wednesday that the Kingdom achieved a surplus of 27.8 billion riyals, the first surplus recorded in the first quarter since 2014.
Revenues increased by 48 percent in the first quarter of 2019 compared to the same quarter in 2018, while total spending rose by 8 percent for the same period, he told the two-day Financial Sector Conference that kicked off in Riyadh.
The conference is part of the programs of the Kingdom's Vision 2030. It is attended by representatives from the Ministry of Finance, Saudi Arabian Monetary Authority and Capital Market Authority and participation of decision makers in the financial sector and senior executive officers in financial institutions locally, regionally and internationally, reported the Saudi Press Agency.
“This year's budget clearly attests to the fact that the Kingdom's fiscal policy is progressing towards achieving its Vision 2030-related objectives, all while simultaneously utilizing the financial tools and procedures available in order to achieve them,” continued Jadaan.
“Non-oil revenues in the first quarter of 2019 grew at a rate three times higher than they did in 2014, totaling 76.3 billion riyals compared to 21.9 billion riyals in 2014. These results clearly illustrate the remarkable progress achieved in the performance of our fiscal position since the implementation of the Fiscal Balance Program,” he said.
“The continued strength and solvency of our financial sector will contribute in bolstering its ability to play a pivotal role in economic development, supporting transformation initiatives and providing more diversified financing and investment products. The plans being implemented under the umbrella of the Financial Sector Development Program will develop an advanced capital market that promotes financial planning, education and inclusion, stimulates savings and diversifies funding sources,” he remarked.
“The government is pushing ahead in its drive to implement its comprehensive reform program aimed at controlling public finances, enhancing transparency and empowering the private sector,” stated the minister.
“This event, which we envision as the most prominent financial sector event at the regional level, is an opportunity to explore best practices and experiences to support the objectives of the Financial Sector Development Program, as well as benefit all individual and institutional participants,” said Jadaan.
“In presiding over the G20 in 2020, Saudi Arabia is also looking ahead to start a renewed decade of cooperation between its member states through a summit that promotes robust, balanced, inclusive and sustainable economic growth,” he added.
“Our focus will revolve around key areas, such as strengthening global risk monitoring, addressing tax challenges of the digital economy, deepening financial inclusion and assessing the impact of financial legislation on the financial sector and addressing the impact of technology and enhancing the investment environment in infrastructure.”
