Finance Ministry Issues A Press Release on State's Budget 6 Riyadh

i.Embracing a set of policies and procedures designed to achieve wide structural reforms in the national economy and reduce its dependence on oil; these measures, which will be implemented during the next five years starting from fiscal year 1437/1438, include: privatizing a range of sectors and economic activities; overcoming legislative, regulatory and bureaucratic obstacles in the private sector; reforming and developing government performance; improving transparency and accountability levels; and enhancing the investment environment by contributing to the creation of new jobs in the private sector and providing partnership opportunities between public, private and non-profit sectors, and by improving the economy’s competitiveness and integration with the global economy.
j.Investing in development projects and programs that serve the citizen directly, such as education, health, security, social and municipal services, water and sanitation, electricity, roads, electronic transactions, scientific research, and all that improves the citizens’ quality of life.
k.Reviewing government support, including revision of energy, water, and electricity prices gradually over the next five years, in order to achieve efficiency in energy use, conserve natural resources, stop waste and irrational use, and minimize negative effects on low and mid-income citizens and the competitiveness of the business sector.
l.Reviewing current levels of fees and fines, introducing new fees, and completing the necessary arrangements for the application of the value added tax (VAT) approved by the Supreme Council of the Arab Gulf States Cooperation Council at its thirty sixth session held in Riyadh in the month of Safar 1437 AH, in addition to the application of additional fees on harmful goods such as tobacco, soft drinks and the like.
m.Establishing a unit in the Ministry of Finance for public debt management. The new unit will be responsible for developing and overseeing the public debt and financing strategy and strengthening the Kingdom’s ability to borrow both domestically and internationally; thus contributing to the market for sukuk and local bonds.
n.Enhancing effective coordination between all agencies and parties involved in the implementation of fiscal reforms and to achieve consensus on the government’s directionemphasizing the principles of transparency and accountability.
17:52 LOCAL TIME 14:52 GMT