Saudi Minister of Finance and Acting Minister of Economy and Planning, Mohammad Al-Jadaan said that the decisions to gradually reopen economic activities as of Thursday, May 28, 2020, and the plan to gradually lift the curfew, represent a new stage in the face of the global pandemic crisis and towards a gradual return to economic activities in the Kingdom to its normal levels.
The decisions were taken after continuous coordination between the Ministry of Health and the competent authorities, relying on a focused plan that seeks to balance between procedures for reopening economic activities and maintaining the stability of health and social conditions.
Al-Jadaan clarified that the government continues to implement its development plans that support growth and economic diversification and enhance the role of the private sector and support local content, whether through the state's general budget or through the role played by the development funds and the Public Investment Fund (PIF) to improve economic performance and enhance the return on the Kingdom's assets.
In this regard, the minister highlighted that the government has increased – during the last period through the state’s general budget – spending on urgent and necessary requirements to face the crisis, as it has significantly strengthened the financial allocations for the Health and related services sector. In addition, the government launched urgent support initiatives to mitigate the impact on the private sector, supporting the economy and to preserve the jobs of citizens in economic establishments, as previously announced.
This required reducing spending in other areas to maintain the same level of spending that was approved in the state’s budget, especially in light of the sharp decline in oil and non-oil revenues expected for this year that was affected by the crisis.
The government will continue to finance development projects through the state's general budget with a focus of attention towards continuing to raise efficiency in spending and maximizing economic and social returns.
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