Saudi Arabia will continue reforms in 2019: Crown Prince
Saudi Arabia's government will continue working to implement the economic and structural reforms in various fields during 2019, Crown Prince Mohammed bin Salman has said.
In a press statement following the announcement of the budget for fiscal year 2019, he stressed the government's desire to increase efficiency of spending to ensure the best economic and social return, the Center for International Communication said.
He pointed out that social spending represents approximately 42 percent of the total expenditure in the budget.
The Crown Prince reiterated the interest in the development and modernization of infrastructure and government services, praising the efforts that have improved the efficiency of fiscal management.
He said that the government has made additional investments in initiatives and programs to achieve the Kingdom's Vision 2030, which aims to support economic growth.
“The goal is to strengthen the infrastructure, enable the economy to create more jobs for citizens, and create an attractive investment environment that contributes to directing the national economy towards broad horizons of growth and prosperity,” he said.
Stressing the importance of the private sector’s role as a strategic partner to support economic growth in the country, Prince Mohammed announced that the state has allocated SAR 200 billion in the medium term to implement multiple initiatives aimed at stimulating the private sector directly.
He pointed out that the public budget statement reflects the Kingdom's keenness to adopt the highest standards of transparency and financial disclosure to enhance confidence in the Kingdom and its economic and financial clout.
He concluded by reiterating that the government is committed to providing more services, improving the quality of life, and investing in infrastructure for the current and future generations, in order to achieve citizens’ aspirations and needs.