His Royal Highness Prince Muhammad bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, Chairman of the Council of Economic and Development Affairs, on the occasion of the approval of the 2021 budget, affirmed continuing to consolidate the gains made since the approval of the Kingdom’s Vision 2030, and to move towards further development and progress. In various economic, developmental and social fields.

His Highness explained that the year 2020 AD was a difficult year for all countries of the world due to the outbreak of the Corona pandemic, yet the Kingdom’s economy has proven its ability to face the repercussions of the pandemic, as the Kingdom was able - thanks to God - to take health and preventive measures aimed primarily at protecting human health through Reducing the spread of the epidemic, and providing free treatment for infected cases.

His Highness indicated that under the direct and continuous direction of the Custodian of the Two Holy Mosques - may God protect him - work has been taken to take financial and economic measures aimed at limiting the repercussions of the pandemic on economic activities, as the crisis was managed with great care and effectiveness that led to mitigating the negative effects on the Saudi economy. Which was expected earlier to be stronger, as the balance between the precautionary measures and the timing of the gradual return of economic activities at a good pace.

His Highness indicated that a number of initiatives and procedures have been approved to support private sector enterprises during the pandemic and to preserve jobs and workers in the private sector, and these measures have helped limit the repercussions of the pandemic on the economy.

It also contributed to maintaining financial stability, and everything that would promote sustainable economic growth will be continued, and it is among the budget’s priorities to continue working to limit the effects of the pandemic and improve dealing with it, with the total approved spending reaching (990) billion riyals, which contributes to Stimulating and supporting economic activities and creating more job opportunities for citizens, stressing his interest in social protection, development projects, vision realization programs, and technical development, and work continues to review all programs and projects to ensure their consistency with the goals of the vision and raise the efficiency of spending.

His Highness the Crown Prince explained that the revenues in the budget are estimated at (849) billion riyals, an increase of (10.3%) over the year (2020 AD), which contributes to more financial stability, and that the target is to reduce the budget deficit in 2021 to about (141) One billion riyals, i.e. an estimated rate of (4.9%) of the gross domestic product, down from (298) billion riyals, i.e. an estimated rate of (12.0%) of the estimated GDP for the year 2020 AD, and maintaining the rates of Public debt is at an average of (32.7%) of GDP, compared to (34.3%) in 2020.

His Highness explained that economic growth is expected to witness an increase while continuing to develop the role of the private sector by facilitating the business environment, advancing privatization programs, providing more opportunities for the private sector to participate in infrastructure projects, developing promising and new sectors, and continuing to implement Vision programs. The Kingdom of 2030 to achieve its goals to contribute to enhancing economic growth and supporting local content to increase its contribution to the economic development of the Kingdom, in addition to the important role that development funds play in pushing economic activity, stating that the Public Investment Fund has become one of the main engines of the growth of the Saudi economy as it intends to The fund pumped hundreds of billions into the Saudi economy in the coming year and the following years, which will enable the emergence of new sectors, create more job opportunities and provide additional revenues for the state.

His Highness the Crown Prince referred to the Kingdom’s efforts - based on its policy to maintain the stability of international energy markets - in cooperation with the OPEC + group of countries to work to stabilize oil markets, which witnessed a sharp decline in prices, as the production agreement for the group countries contributed to restoring stability to the markets and improving Price levels.

His Highness affirmed that the Kingdom, through its presidency of the G20 this year, was keen to enhance the group’s role in addressing global economic crises, by stimulating the efforts of the group’s countries, raising the level of coordination and cooperation among them to jointly address the pandemic and limit its effects on global economic growth, and mobilize resources to finance its programs in Responding to the pandemic.

His Highness the Crown Prince also expressed his thanks and gratitude to the citizens and residents, and workers in the health sector and the security sector for the exceptional efforts they made during the confrontation of the Corona pandemic for the sake of the safety of society and its protection from the repercussions of this pandemic, and His Highness also thanked our brave soldiers at the southern border for their sacrifices He prayed to God for them to remain steadfast and to the martyrs whom God chose beside Him with mercy and forgiveness.