The Minister of Finance and Acting Minister of Economy and Planning, Muhammad bin Abdullah Al-Jadaan, confirmed that the state’s general budget for the fiscal year 1442-1443 AH (2021 AD) aims to continue spending on major projects, programs to achieve the Kingdom’s 2030 vision, and support the private sector through the National Development Fund and its multiple funds. In addition to the Public Investment Fund; To create more jobs for citizens, and encourage them to self-employment to enhance their incomes, and enable them to enjoy the highest quality services.

  Al-Jadaan raised his thanks and appreciation to  the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, and His Royal Highness Prince Muhammad bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense - may God protect them - on the occasion of approving the state’s general budget, during his speech today, Tuesday, December 15, 2020 During the press conference accompanying the announcement of the state's general budget for 2021 AD, indicating that the year 2020 AD was exceptional, as the government dealt with it professionally and harmoniously. His Excellency also thanked the security men and health practitioners who exerted their abundant efforts to maintain the nation's security and health, in addition to the brave soldiers on the southern border who spared no effort to protect the homeland and its security. His Excellency Al-Jadaan explained that the government took strict, swift and decisive decisions in harmony between government agencies. To prioritize human health first.

He indicated that government expenditures are expected to rise from the approved budget for this year 2020 AD to reach about 1,068 billion riyals, while the total expenditures are estimated at about 990 billion riyals in 2021 AD, and at the sector level, His Excellency pointed out that spending on the municipal services sector is expected to increase by about 4.6 And the education sector by 1.4% by the end of 2020, compared to the previous year. While spending on the military sector is expected to decrease by 5.9% for the same period, and it is estimated that operating expenses will reach about 889 billion riyals in 2021, compared to 931 billion riyals in 2020.

Al-Jadaan emphasized that legislative reforms during the past years enabled the government to absorb the shock and deal with the pandemic efficiently.

He talked about enhancing the efficiency of spending that exceeded the target in 2020 AD through the Spending Efficiency Center, as it provided liquidity of about 350 billion riyals in cooperation with government agencies. In addition to the remarkable leaps that took place in the vision realization programs such as the Quality of Life Program, hundreds of billions were also expected to be pumped to support the localization of industries and jobs.

And he talked about the world benefiting from the Kingdom's leadership of the Group of Twenty, and its pro-active support for research and medical supplies. He also indicated that the Kingdom was able to manage the energy crisis through OPEC + to restore the balance of energy markets.

He indicated his expectations that the privatization program will continue during the next fiscal year, by attracting capital investments from the private sector in infrastructure projects in a number of sectors. He also expected that asset sale projects will continue, and that the total value of investment opportunities in the privatization program will be about 30 billion riyals.

He noted that the priorities of the government, development funds, and investment fund are to achieve the goals of the Kingdom's 2030 vision and broaden the economic base. To increase better employment opportunities for citizens, and provide more investment opportunities for entrepreneurs.

With regard to the competitiveness of the Public Investment Fund and government agencies with the private sector, His Excellency Al-Jadaan said that the fund is a fundamental engine of the Saudi economy, and that its Chairman, His Highness the Crown Prince, is very keen on supporting the private sector and not competing with the fund, indicating that the fund will fill the void left by the sector. Because of the risks in some sectors at their inception.

The Minister of Finance, in charge of the Minister of Economy and Planning, assured everyone that the recent approval by the Food and Drug Authority of the new Corona virus vaccine will accelerate - God Almighty’s permission - to restore the previously planned path of recovery, and increase the chances of his recovery faster than expected.