Saudi Arabia’s finance ministry is aiming to boost the kingdom’s credit rating to Aa2 from A1 through reforms outlined in the recently unveiled National Transformation Program (NTP).

 

Under the new plan, public debt is expected to surge to 30 percent of gross domestic product (GDP), from 7.7 percent currently.

 

Saudi Arabia is also targeting a 224 percent surge in non-oil revenue to SAR 530 billion by 2020, as it looks to rely more on the private sector for economic growth and funding. 

 

The NPT reform strategy was approved by the Saudi cabinet on Monday as part of the kingdom’s Vision 2030, which was announced in April.

 

Finance Ministry’s Targets Under NTP

Strategic goal

Performance Indicator

Current

2020 Target

Boosting public finance governance

Rank in open budget

0

25

Ratio of bodies applying government financial statistics

30%

80%

Raising non-oil Revenues

Non-oil revenues (SAR bln)

163.5

530

Improving efficiency

spending

(salaries & wages)

Value of wages and salaries in budget (SAR bln)

480

456

Ratio of wages and salaries in budget (SAR bln)

45%

40%

Improving efficiency

of spending

(government projects)

Ratio of approved projects according to standards and period

0%

40%

Ratio of SME suppliers

10%

25%

Operating budget spending deviation

35%

10%

Capital budget spending deviation

35%

10%

Sustainability of public debt

Kingdom’s credit rating

A1

Aa2

Public debt to GDP

7.7%

30%

Maintaining state movable/non-movable property

Total unregistered non-oil assets (SAR trln)

3

5

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