Huge opportunities for private sector: Al-Jadaan

Minister of Finance Mohammed Al-Jadaan said the State’s General Budget of the Fiscal Year 2018 is the biggest growth-oriented and integrated expenditure in the history of the Kingdom.

Addressing a press conference, he said the 2018 budget gives top priority to the services provided to citizens.

The press conference was attended by Minister of Economy and Planning Mohammed Al-Tuwaijri and Governor of the Saudi Arabian Monetary Authority (SAMA) Ahmed Al-Khulaifi.

“Citizen are the main focus of the budget in line with the directives of Custodian of the Two Holy Mosques King Salman to provide all services to citizens,” the fiancé minister said.

Nearly SR192 billion has been allocated for the education sector including general education, higher education and training.

Over SR53 billion has been allocated for municipal services sector, he said.

Al-Jadaan hailed the distinctive work and coordination among government authorities as well as the unprecedented financial control and discipline.

He said there was close coordination in public spending leading to many accomplishments in sectors like housing, roads, and railways, among others.

Al-Jadaan stressed his belief that the private sector will have extraordinary opportunities for development in 2018 and the following period.

Speaking on the accomplishments made in the housing sector, Al-Jadaan said 70,000 residential plots of land and 150,000 residences have been allocated for citizens in 2017. Furthermore, the government is scheduled to spend over SR60 billion on housing in 2018.

The minister said they have succeeded in increasing spending by 4 percent.

He added that they have been able to allocate SR32 billion for the Citizen’s Account.

There was unprecedented growth in non-oil revenues to the tune of SR256 billion.

SAMA Governor said: “The foreign currency reserve amounts to SR1.8 trillion and covers imports for 40 months. The safety indices are high, the assets are good and capital sufficiency has exceeded 19 percent. Inflation did not exceed 3 percent with support from the financial reserve.

“We have a strategy that focuses on monetary and material stability at an average rate of 3 percent. The exchange rate policy since the 80s has been to peg the Saudi Riyal to the US dollar at the rate of SR3.75 (per dollar).

There is no intention to change the exchange rate of the Saudi riyal.”

Minister of Economy and Planning Muhammad Al-Tuwaijri said: “We expect a flourishing economy in 2018 in the balance of payments. We are working on supporting the programs of Vision 2030 and creating new jobs. We have completed construction of a specialist center for privatization of the economic sectors. We expect to launch nine programs in 2018 to enhance growth. There will be improvement in the legislative procedures in 2018.”