“The Kingdom has succeeded, as usual, to overcome all those conditions and emerge stronger thanks to its sound policies,” he said, explaining that the well-planned economic openness and the creation of suitable investment atmosphere have safeguarded the national economy.
He also stressed that the various economic initiatives launched by the government are in line with its resolve to maintain its policies to improve the citizens’ standards of living and achieve economic sustainability.
This came as HRH Premier chaired here today a high-level work meeting dedicated to the financial situation in the kingdom and the measures taken by the government to keep the high economic growth rates and ensure financial stability so as to maintain solvency and debt rates at their targeted levels, which will allow the government to go ahead with its development programmes.
During the meeting, HRH Premier called for consolidating structural reforms and adopting policies that enhance economic and financial growth in the kingdom.
HRH Premier also stressed the need to rationalize public spending through avoiding unnecessary expenses, protecting public money and activating the principles of auditing, accountability and transparency, according to the best international practices, instructing the Finance Minister to submit the appropriate recommendations that can help achieve that.
HRH Premier also issued directives to put forward a three-stage scheme to increase budget revenues and reduce deficit so as to ensure the balance of the state budget, provided that it does not affect citizen-oriented programmes.
The scheme, to be assessed every six months, aims to achieve short and long-term financial stability.
HRH Premier instructed the concerned sides to take the necessary executive steps, including the reduction of the size of official delegations taking part in overseas functions that do not require high-level participation and activation of the role of ambassadors.
HRH Premier also issued directives to uncover financial irregularities and ensure the ministries’ commitment to the State Budget’s Law and its operating guide, calling for the need to increase revenues, as the best way to maintain positive economic growth and keep unemployment rates at their lowest.