Earlier in the year, the government published Vision 2030, which defined a journey for a deep and ambitious socio-economic change in the Kingdom. Subsequently the National Transformation Program also set out specific commitments of Government Ministries and other Entities for the period up to 2020. Achieving budgetary balance is one of the specific goals of the Vision; and the NTP also commits to strengthening financial governance, increasing non-oil revenues and improving spending on programs and projects.
As one of the Executive Programs announced in the Vision, the Fiscal Balance Program will be a key component in developing a more effective government, by providing intense scrutiny of government finances and acting as a spur to increased efficiency.
Beyond fiscal balance and government performance, this program contributes to key socioeconomic impacts sought by Vision 2030. This includes targeting the social welfare system on the neediest and supporting them effectively, and also making our economy more competitive.
Most importantly, by carefully managing the government’s finances, space can be created in the budget to enable investment in the long-term programs that will ensure a successful delivery of the Vision.