Saudi aims for transparency with quarterly budget update

AFP, RIYADH:  Saudi Arabia said yesterday that it will issue a quarterly budget progress report for the first time as part of efforts to boost transparency while diversifying its oil-dependent economy.
The world’s biggest oil exporter is wooing investors as it tries to reduce budget deficits caused by a collapse in energy revenues.
“We will for the first time in Saudi announce, possibly in a couple of weeks or less, the first quarterly results of the budget,” Finance Minister Mohammed al-Jadaan told the Euromoney Saudi Arabia Conference.
Under its Vision 2030 plan released last year, the kingdom aims to develop its industrial, investment and small-medium business base to employ more Saudis and reduce its reliance on oil revenue.
“The government made a clear commitment that they will increase the level of transparency,” al-Jaadan said.
“They will submit to international laws on transparency” and respond to the needs of the private sector which requires timely data to make investment decisions, he added.
The Vision 2030 plan coincided with a plunge in global oil prices that began in 2014 and left Saudi Arabia with a budget deficit for this year initially projected at $53 billion (48.5 billion euros).
In September authorities froze salaries and limited benefits for civil servants—who comprise the bulk of the workforce—as part of austerity measures.

Saudi aims for transparency with quarterly budget update

AFP, RIYADH: Saudi Arabia said yesterday that it will issue a quarterly budget progress report for the first time as part of efforts to boost transparency while diversifying its oil-dependent economy. The worlds biggest oil exporter is wooing investors as it tries to reduce budget deficits caused by a collapse in energy revenues. We will for the first time in Saudi announce, possibly in a couple of weeks or less, the first quarterly results of the budget, Finance Minister Mohammed al-Jadaan told the Euromoney Saudi Arabia Conference. Under its Vision 2030 plan released last year, the kingdom aims to develop its industrial, investment and small-medium business base to employ more Saudis and reduce its reliance on oil revenue. The government made a clear commitment that they will increase the level of transparency, al-Jaadan said. They will submit to international laws on transparency and respond to the needs of the private sector which requires timely data to make investment decisions, he added. The Vision 2030 plan coincided with a plunge in global oil prices that began in 2014 and left Saudi Arabia with a budget deficit for this year initially projected at $53 billion (48.5 billion euros). In September authorities froze salaries and limited benefits for civil servantswho comprise the bulk of the workforceas part of austerity measures.