The Chairman of Asharqia Chamber: Budget figures have devoted leadership resolve to pursue development reform and spending policies
The Chairman of the Asharqia Chamber, Abdul-Hakim bin Hamad Al-Ammar Al-Khaldi, stressed the distinctive and qualitative performance in managing the budget for 2019, and the resulting results for the promotion of economic growth and sustainability plans, a noticeable rise in the rates of GDP growth in general and non-oil in particular; and the continued implementation of programs and initiatives vision 2030.
While Al-Khalidi described the budget for the next year 2020 AD as (the magnitude of its size, and that it confirms an increase in spending levels and a continuation of balanced development policies and support for economic diversification in the country), pointing out that the continued enhancement of spending besides that it reflects positively on the rates of economic growth, it creates promising investment opportunities in front of Domestic and foreign capital.
Al-Khaldi added that the budget of the year, whose expenditures are about (1,020) billion riyals, and its revenues are estimated at about (833) billion riyals, despite registering a greater deficit compared to 2019, as a bet on continuing to diversify the economic base in line with the goals of Vision 2030 AD, in light of the near end of the end Several significant projects and the continuity of work on completing economic restructuring projects and stimulating the private sector, pointing out that the most important characteristic of the financial policy used is ability and flexibility in managing the budget deficit and managing public debt.
Al-Khaldi valued the support and various opportunities provided by the government to the private sector in order to contribute effectively to the development of the national economy and pledged that the entire business sector would go towards contributing activities, programs, and initiatives in the fields of employment, social and economic services.
Al-Khalidi expressed his confidence in the ability of the national economy to face challenges by continuing to consolidate its rules towards diversifying its income sources, driven by partnership with the private sector, noting that the new budget included many positive indicators in many aspects, such as the Kingdom’s seriousness in achieving concrete increases Concerning the contribution of the non-oil sectors to the gross domestic product, and raising the competitive capabilities of the national economy and national products, as well as its seriousness in achieving the aspirations of the private sector and investors to continue sustainable development in the Kingdom and that the budget came with balanced spending indicators to accommodate D continued commitment to accelerate economic and social development process and improve the standard of living of citizens and their quality of life, by giving priority to basic services of interest to the citizen directly, such as health, education, municipal water, and all infrastructure projects.
