Saudi Arabia saves $133.3bn in four years through budgetary discipline: Al-Jadaan

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The difference between planned government spending and actual budget outlays decreased.
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  • Budget overspending narrowed from 16 percent to 4 percent in recent years
  • The government’s indirect lending initiative for small and medium enterprises (SMEs) helped provide SR642 million of financing to 611 SMEs

Saudi Arabia has succeeded in saving nearly $133.3 billion during the last four years by virtue of efficiency and budgetary discipline, according to the kingdom’s Finance Minister Mohammed Al-Jadaan.

The difference between planned government spending and actual budget outlays decreased from an average 16 percent between 2014 and 2016 to an average of 4 percent between 2017 and 2019, he said, Argaam reported.

The government has made a great leap in the field of digital transformation, he said. Digital payment options were available for 36 percent of transactions with the Kingdom in 2019, exceeding the 2020 target of 28 percent, he said.

The government’s indirect lending initiative for small and medium enterprises (SMEs) helped provide SR642 million of financing to 611 SMEs, he said.

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