After the kingdom approved the budget for 2022, Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud highlighted that the Kingdom’s government’s economic reform path continues to accomplish its successes and aims, according to the official Saudi Press Agency (SPA).
Saudi Arabia approved its budget for fiscal year 2022 on Sunday, with a surplus for the first time in over a decade.
“The budget was a validation of the outcomes obtained from economic and financial reforms aimed at fostering economic development and financial sustainability toward a dynamic society, a flourishing economy, and an ambitious nation,” stated the SPA.
Crown Prince Mohammed bin Salman stated that the government is committed in the 2022 budget to the medium-term expenditure plans outlined last year, and that the government aims to achieve budget surpluses in fiscal year 2022.
“The financial and economic results and indicators confirm that we are progressing positively, as next year’s budget comes amid a global climate characterized by great challenges as a result of the COVID-19 pandemic’s ramifications, and great local ambitions, but in a financially disciplined framework that focuses on the efficiency and effectiveness of directing government spending and utilizing available resources to achieve the best return from them, while maintaining fiscal discipline.”
He also stated that the economic and structural changes achieved since the establishment of the Kingdom’s Vision 2030 have helped to mitigate the harmful effects of the COVID-19 epidemic, according to SPA.
The Crown Prince stated that the Kingdom’s Vision 2030 focuses on attaining and extending the effect and engagement of the private sector in the transformation path in order to create a qualitative leap in numerous industries.
He also stated that great progress has been achieved in executing multiple projects that would help to advancement and development in different spheres, such as diversifying the economy, boosting the standard of living, and growing economic sectors.