Saudi Arabia‘s Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has said that gains made through the Kingdom’s Vision 2030 reform program will be further consolidated in the next fiscal year’s budget.
Stating the important points after the national budget meeting, he added that there is no doubt that the year 2020 was the most difficult year for the whole world, but the journey of development and construction will continue.
He said that the economy of Saudi Arabia recognized its importance at the global level in the challenge that the whole world faced due to the epidemic of Corona virus.
The Crown Prince added that during the global epidemic of Corona, the Saudi government gave enough incentives to the private sector so that the employment of the citizens was not affected.
Prince Muhammad bin Salman added regarding the budget presented for the current financial year that the estimated revenue in the budget is 10.3% more than last year 2020 which will help in financial stability while bringing the budget deficit to 141 billion riyals this year. It has been indicated that last year it was 298 billion Rials.
The Crown Prince clarified that there is a strong hope of further improvement in the private sector in the economy of the kingdom, for which the private sector will be given opportunities to participate in infrastructure projects as well as other development issues.
He added that the Public Investment Fund will be very important for the stability and development of the Saudi economy, through which the fund will improve in the coming years, which will provide more job opportunities and provide additional revenues to the country.
In the conversation after the national budget meeting, Crown Prince Mohammed bin Salman said that he appreciated the cooperation of the OPEC Plus Group in stabilizing the oil market.
In his address, Prince Mohammed bin Salman also praised the role of health-related citizens and foreigners who performed their duties steadfastly during the Corona epidemic.
#Saudi #Kingdoms #Vision #reform #program #Prince #Mohammed #bin #Salman #issued #statement
2024-09-19 15:08:11
– What are the main goals of Saudi Arabia’s Vision 2030 reform program?
Table of Contents
- 1 – What are the main goals of Saudi Arabia’s Vision 2030 reform program?
- 2 Government implemented various measures to support the private sector, ensuring that businesses could weather the economic storm. The Crown Prince emphasized the role of private enterprises in driving innovation and entrepreneurship as part of Vision 2030’s goals.
Saudi Arabia’s Crown Prince Mohammed bin Salman Confident in Vision 2030 Progress, Eyes Further Consolidation in Upcoming Budget
Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has expressed optimism about the progress made under the Kingdom’s ambitious Vision 2030 reform program, stating that the gains achieved so far will be further consolidated in the next fiscal year’s budget. Addressing the national budget meeting, the Crown Prince highlighted the significant steps taken by the Saudi government to mitigate the impact of the COVID-19 pandemic and reiterated the Kingdom’s commitment to continued development and economic growth.
Overcoming the Challenges of 2020
The Crown Prince acknowledged that 2020 was an exceptionally difficult year for the entire world, but underscored the importance of persevering with the journey of development and construction. Despite the global challenges posed by the pandemic, Saudi Arabia’s economy demonstrated its resilience and recognized its importance at the international level.
Supporting the Private Sector
During the pandemic, the Saudi government provided adequate incentives to the private sector, ensuring that citizen employment was not significantly affected. This support enabled the private sector to navigate the crisis and played a crucial role in maintaining economic stability. The Crown Prince emphasized the importance of the private sector in driving economic growth and indicated that opportunities would be provided for its participation in infrastructure projects and other development initiatives.
Budget Highlights
The budget presented for the current financial year indicates a 10.3% increase in estimated revenue compared to 2020, which will contribute to financial stability and reduce the budget deficit to 141 billion riyals. This marks a significant improvement from last year’s deficit of 298 billion riyals. The Crown Prince expressed confidence in the continued improvement of the private sector, which is expected to play a vital role in achieving the Kingdom’s economic goals.
The Role of the Public Investment Fund
The Crown Prince highlighted the importance of the Public Investment Fund (PIF) in ensuring the stability and development of the Saudi economy. The PIF is poised to play a crucial role in the coming years, driving growth and providing significant opportunities for investment and development.
Vision 2030: A Roadmap for Success
Saudi Arabia’s Vision 2030 is a comprehensive program aimed at diversifying the Kingdom’s economy, reducing its dependence on oil, and developing its public service sectors. The program focuses on three main themes: a vibrant society, a thriving economy, and an ambitious nation. The Crown Prince’s confidence in the progress made so far is a testament to the success of Vision 2030, which has already led to significant improvements in various sectors, including tourism, entertainment, and renewable energy.
Consolidating Gains and Looking Ahead
The Crown Prince’s statement emphasizes the Saudi government’s commitment to building on the progress made under Vision 2030. With a focus on continued development, economic growth, and private sector participation, the Kingdom is well-positioned to overcome the challenges of the pandemic and emerge stronger in the years ahead.
Key Takeaways
Crown Prince Mohammed bin Salman confident in Vision 2030 progress
Gains made under Vision 2030 to be further consolidated in next fiscal year’s budget
Saudi government provided incentives to private sector to mitigate pandemic impact
Public Investment Fund crucial for stability and development of Saudi economy
Vision 2030 aims to diversify economy, reduce oil dependence, and develop public services
Saudi Arabia poised for continued growth and development in the years ahead
Government implemented various measures to support the private sector, ensuring that businesses could weather the economic storm. The Crown Prince emphasized the role of private enterprises in driving innovation and entrepreneurship as part of Vision 2030’s goals.
Saudi Arabia’s Crown Prince Confident in Vision 2030 Progress, Eyes Further Consolidation in Upcoming Budget
Saudi Arabia’s Crown Prince Mohammed bin Salman has expressed optimism about the progress made under the Kingdom’s ambitious Vision 2030 reform program, stating that the gains achieved so far will be further consolidated in the next fiscal year’s budget. Addressing the national budget meeting, the Crown Prince highlighted the significant steps taken by the Saudi government to mitigate the impact of the COVID-19 pandemic and reiterated the Kingdom’s commitment to continued development and economic growth.
Overcoming the Challenges of 2020
The Crown Prince acknowledged that 2020 was an exceptionally difficult year for the entire world, but underscored the importance of persevering with the journey of development and construction. Despite the global challenges posed by the pandemic, Saudi Arabia’s economy demonstrated its resilience and recognized its importance at the international level.
Supporting the Private Sector
During the pandemic, the Saudi
