Monday, 18 October 2021 10:48 GMT

Saudi Arabia: Budget overspending drops from 16 percent to 4 percent in recent years

(MENAFN)Finance Minister Mohammed Al-Jadaan declared that Saudi Arabia saved SR500 billion (USD133.3 billion) over the last four years through high efficiency and budgetary regulation.

Argaam also quoted him as saying that the diversity amid planned government spending and actual budget outlays dropped from an average 16 percent amid 2014 and 2016 to an average of 4 percent amid 2017 and 2019.

He further declared that the government has made a great jump in the field of digital transformation. Digital payment options were available for 36 percent of transactions with the Kingdom in 2019, more than the 2020 target of 28 percent.

Al-Jadaan added that the government’s indirect lending initiative for small and medium enterprises (SMEs) support the process of providing SR642 million of financing to 611 SMEs.

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