Financial Oversight Law to boost control over public funds: Finance Ministry

The law aligns with the finance ministry’s objectives for developing financial oversight of public funds and is consistent with Vision 2030.

The Ministry of Finance stated that the Cabinet’s approval of the Financial Oversight Law, which will replace the Financial Representatives Law, represents a qualitative leap in the control over public funds.

The law covers all entities financed by the state’s general budget or those receiving support, subsidies, or grants from it.

Its scope also extends to entities that carry out work or procurements on behalf of government bodies, as well as those responsible for collecting the state’s public revenues under a regulatory instrument or through contracting with a government entity.

According to the Saudi Press Agency (SPA), the ministry explained that the law is based on advanced oversight methods applied through a flexible oversight mix that takes into account the nature and independence of each entity, as well as the level of risk in its financial operations. This contributes to strengthening oversight efficiency and improving the quality of financial performance.

The Ministry of Finance added that the law aims to enhance the efficiency of public money management and to promote transparency and accountability. It will enable government entities to fulfill their financial obligations with clarity and flexibility by providing an updated regulatory tool that allows the application of advanced oversight mechanisms and reinforces compliance and financial responsibility in the public sector.

This step aligns with the ministry’s objectives for developing financial oversight of public funds and is consistent with Vision 2030.

According to Argaam data, the Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, on Nov. 25, approved the Financial Oversight Law.