A new achievement for Vision 2030 .. The completion of the financial sustainability program plan

The Financial Sustainability Program confirmed that the announcement of the completion of the executive plan for the sustainability program (one of the programs to achieve the Kingdom’s 2030 vision) on its specified date is one of the most important achievements of the Kingdom’s 2030 vision.
The program was launched under the name of my 2016 program to include a group of initiatives concerned with financial reforms to ensure long -term financial and economic sustainability, and pave the way for a more stable financial future through the establishment of a balanced and strong financial system, which is adaptable to all variables, which enables the government to work continuously to enhance financial sustainability And, through the program’s initiatives that were translated into mechanisms and procedures within the original work of the Ministry of Finance and the various government agencies, as the financial center of the government today has become stronger than past and more able to face challenges.

Financial sustainability program

The completion of the executive plan of the financial sustainability program was reflected in raising the efficiency of spending, developing revenue and financial planning capabilities, which contributed to strengthening the strength of the financial center and the durability of the Saudi economy, in addition to creating the public finances of structural changes and reforms related to implementing the Kingdom’s 2030 programs and initiatives, where the program played a role Essentially supporting the implementation and completion of a number of vision projects and targets.
The program achieved many achievements, most notably the contribution to increasing non -oil revenues from 186 billion riyals in the year 2016 to 458 billion riyals in the year 2023 AD, with a growth rate of approximately 146%, as the percentage of non -oil revenues coverage increased to total spending from 22% in 2016 to 35% in the year 2023 AD, by launching policies and initiatives that sought to achieve the goals of diversifying and developing government revenues.

Public Finance Development

The program also contributed to the establishment of many entities, including the Spending Efficiency and Government Projects Authority, which contributed in cooperation with government agencies to raise the efficiency of spending and achieve an annual financial impact rate of approximately 114 billion riyals, and a total financial impact of 687 billion riyals since 2018, until 2023 AD.
In addition to the National Religion Management Center, which played a pivotal role in reaching the debt markets and managing the government debt portfolio, and the non -oil revenue development center that contributed to the diversification, development and sustainability of revenues, and reduce dependence on oil revenues, as these entities will continue even after the program ends to ensure the continuation of the impact What is required of it.
The program also contributed to the development of the state’s public finances by creating a qualitative shift in the financial planning process through a number of initiatives concerned with analyzing and benefiting data, activating electronic solutions and automating government financial systems (such as: accreditation platform), and the preparation for the transition to accounting based on the entitlement and the treasury account The unified of the state, in addition to developing the process of preparing the general budget of the state and raising the level of transparency, and the program had an impact in raising the efficiency of government support by directing it to its beneficiaries through the citizen account program that will continue to provide support after the end of the financial sustainability program.
It is noteworthy that the financial sustainability program is the first vision program that completes its executive plan, and it is the second program to be launched after the “National Transformation” program, and the completion of the executive plan for the program is one of the most important achievements of the Kingdom’s 2030 vision to ensure support for continuing to achieve the impact of other vision programs and initiatives, The way to make informed decisions regarding the development process in the Kingdom.