Accuracy and Competence
Key indicators, contained by the quarterly report of the performance of the State's budget for the third quarter of fiscal year 2018, reflect the success of the government's fiscal discipline, a matter which has reduced deficit rates.
Figures alone show the integrity of the reform proceedings witnessed by the economic sector in the Kingdom. Revenues at the end of the third quarter have witnessed remarkable growth reaching SR 663.113 billion, up 47% compared to the same quarter of last year thanks to the increase in the volume of oil and non-oil revenues, despite the higher social spending on multiple initiatives such as citizen account, cost-of-living allowance and increased infrastructure capital expenditure.
The Kingdom has been implementing an ambitious program accurately and competently to achieve financial balance, diversify sources of income and raise the efficiency of spending.
Such indicators, in addition to what was announced several days before with regard to raising the target size of the Public Investment Fund (PIF) to two trillion riyals as part of a plan aimed to make it the largest sovereign wealth fund in the world that provide citizens with greater confidence in the bright future of the State and the future for the next generations.
The State has taken important policies in any reformist program especially when it comes to economy. It has pursued many steps to promote the principles of transparency and financial disclosure. It has provided an opportunity for everyone to learn about what takes place and to get acquainted earlier with the future directions.
This has contributed to attracting the investor and at the same time strengthening the confidence of the citizen in the national economy, as they have become more aware of and keen on following up the world's variables, plans and strategies taking place in all areas of life, topped by the economic field which is the main engine and the most important element in determining the future of countries and their position on the international map.