Saudi ministry launches initiative to implement global financial practices in govt entities

Saudi Arabia’s Finance Ministry on Sunday launched an initiative to ensure implementation of the latest global financial practices in the government sector to increase its efficiency in line with the Vision 2030, said a ministry statement.

Prior to the launch of the Financial Control and Support and Development Initiative, the ministry launched a self-assessment pilot program on selected government entities, it said.

The pilot project conducted field studies on the feasibility of self-assessment tools in government entities. The project sought to assess the efficiency of the entities’ internal control systems, level of transparency, and overall control measures.

The program aims to strengthen financial control procedures, improve governance, and switching to automation.