Al-Khalidi: The 2022 budget confirmed the recovery of the economy and enshrined the soundness of reforms and the efficiency of financial management
Chairman of the Asharqia Chamber Abdul Hakim bin Hamad Al-Ammar Al-Khalidi extended his sincere congratulations to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and his trusted Crown Prince, His Royal Highness Prince Muhammad bin Salman bin Abdulaziz on the occasion of the announcement of the state’s general budget for the next year 2022 and its promises that enhance the Kingdom’s position on both levels The regional and global trends that it entails confirm the soundness and strength of the Kingdom’s financial and economic center and the momentum created by the Kingdom’s Vision 2030 on the state’s finances and the economic reforms and historical development opportunities that the next few years will bring.
Al-Khalidi said that the budget for the next year 2022 AD, which was approved by the Council of Ministers on the day before yesterday, Sunday, December 12, 2021, AD, and what it included of expenses, revenues, and surpluses, came as an official announcement that the Kingdom has exceeded those economic effects left by the Corona pandemic, and an affirmation of continuing to work on implementing the programs and projects of Vision 2030), and pointed out that Its surplus, estimated at 90 billion riyals (about $24 billion), supports the state of positive optimism in the national economy, enhances cash reserves and indicates a greater expansion in economic and social projects, human development and health, increases the attractiveness of local and foreign investments and confirms the success achieved by the policy of economic diversification in raising non-revenues. oil to unprecedented levels.
Al-Khalidi stressed that this budget, with its financial and economic indicators, in addition to increasing confidence in the Kingdom's financial position in facing local and global challenges, comes as an "early" success indicator for the objectives of the financial sustainability program, as it is - without a doubt - a testament to the policies of success. Managing government spending and increasing its effectiveness, and a lesson, so to speak, in the tools for developing non-oil revenues in the GDP, noting that the real GDP growth of the non-oil sector increased by 5.4% at the end of the third quarter of 2021, driven by the growth of the private sector by about 7%.
He pointed out that the many positives that appeared in this budget, especially the continuity of government spending control policies, would contribute to developing the efficiency of the performance of the various productive sectors, including the private sector, as it is an essential partner in the growth and development process that the Kingdom is witnessing.
Al-Khalidi said that the budget for the fiscal year 2022 AD shows the government's intention to continue working to enhance the efficiency of spending, which is estimated at (955) billion riyals, as well as enhancing the value of the estimated revenues with a value of (1045) billion riyals, and thus the continued commitment to accelerating the process of economic and social development and implementing more programs Initiatives and launching projects, which is reflected in the increase in the roles of the private sector in the national economic system, and that it pushes to raise the ceiling of development ambitions and expand the scope of competitiveness in performance to achieve the desired positive results in various economic sectors.