‎Saudi Arabia underlines importance of enhancing support, social protection system: Al-Jadaan

‎Saudi Arabia underlines importance of enhancing support, social protection system: Al-Jadaan

Minister of Finance, Mohammed Al-Jadaan, pointed to the development of the public finance structure in the Kingdom over the past years, as the government succeeded in achieving the main objective of fiscal reforms in its first phase within the Fiscal Balance Program, which aimed to control high rates of deficit to reach fiscal balance in the medium term. The second phase of fiscal reform was launched under the name of the Fiscal Sustainability Program, which aims in the medium and long term to maintain sustainable fiscal indicators, through spending levels that are stable and directed to strategic spending that supports structural change in the economy to achieve the objectives of the Kingdom's Vision 2030 and within a framework that ensures the maintenance of sustainable levels of public debt and government reserves.

He added that despite the fears and crises the world is witnessing and the accompanying challenges and their impact on the global economic slowdown affected by the increasing inflationary pressures resulting from the repercussions of the Corona pandemic and geopolitical tensions that cast a negative shadow on global supply chains, the strength and durability of the Saudi economy enabled the Kingdom to confront these crises. The decline in growth rates