Saudi budget discipline saved $133 billion in 4 years

RIYADH: Saudi Arabia saved SR500 billion ($133.3 billion) over the last four years through increased efficiency and budgetary discipline, Arab News quoted Finance Minister Mohammed Al-Jadaan, as saying.

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

The government has made a great leap in the field of digital transformation, he said, adding that the digital payment options were available for 36 per cent of the transactions with the kingdom in 2019, exceeding the 2020 target of 28 per cent.

The government’s indirect lending initiative for the Small and Medium Enterprises (SMEs) helped provide SR642 million of financing to 611 SMEs, he added.