25/12/2016
The head of the
Council of Asharqia Chamber of Commerce, Abdul Rahman bin Saleh Al Ataishan,
that the 2017 budget approved by King Salman bin Abdul Aziz, on Thursday,
December 22, 2016, shows the Saudi monetary policy success in its ability to
control spending and managing the process of reducing the budget with less deficit
33% than in 2016, noting that it would
not happen without the prioritization policy and management taken by our
government with the decline in oil
revenues, which will lead to access to a more stable economy and less
vulnerable to oil price fluctuations, expressing his trust in the national
economy ability to intensify its bases to diversify sources of national income.
Al Ataishan said that this budget is a serious step on
the path of progress and modernization and structural reformation, managed by
the national economy since April 2016, launching the Kingdom vision 2030,
seeking to take advantage of all the elements of power possessed by Saudi wither
the financial or human.
Al Ataishan said that the budget for the year was featured
by extreme transparency regarding the distribution expenses, and it is the most
disciplined in economic management, and aiming to raise non oil revenues at a
rate of 6.5% for 2016, is a confirmation of
the steps followed towards the diversification of incomes of the
national economy and activating the biggest sources of non oil in total public
resources of the country to the desired goals in this regard.
Al Ataishan pointed to the
increase in the capital spending to nearly 262 billion riyals, or more than
double of what was spent in 2016, confirms the determination and the government
continuing to support the private sector growth, which contributes in an essential
role in the success of the Kingdom vision 2030, valuing opportunities and major
facilities established by government for a balanced contribution of the business sector in the process of economic
transformation, pointing that continuing to increase government spending enhances
the production gross growth, and maintains the continuity of the economic
growth and creates more work opportunities among the national work forces.
Al Ataishan praised the
citizen numeration program, which is to be launched with the new budget the
next year, and provides the financial support to citizens affected negatively by
the followed economic reformation procedures, and considered it an important
step in support of the citizens of women and those with low incomes, it is an
effective tool in the support to those who deserve it, pointing to what has
been given for the Saudi citizen in education, health and municipal services by
more than 360 billion riyals, which confirms as he says that the Saudi citizen
is the basis of progress in the existing economic transformation.
