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Saudi Finance Minister: ‘We Target Greater Empowerment for Private Sector’

Saudi Finance Minister: ‘We Target Greater Empowerment for Private Sector’

Monday, 22 January, 2018 - 14:30
Saudi Finance Minister Mohammed al-Jadaan. MOF

Saudi Arabia’s Ministry of Finance launched its new digital services platform, Etimad, which will boost transparency, improve performance efficiency, and minimize the administrative and procedural delays between the finance ministry and beneficiaries.

The new platform allows government entities and private sector contractors to benefit from advanced procurement e-services, Finance Minister Mohammed al-Jadaan said on Sunday.

The launch of the platform is a part of the drive to achieve the Kingdom’s Vision 2030 in order to enable government agencies to implement their own projects.

During the launching event, in which a number of ministers and private sector officials participated, Jadaan tackled the Ministry of Finance's strategy, which aims to enable the Kingdom's economy to be among the 15 largest world economies by 2030 through developing a distinct financial system.

“To achieve that, the finance ministry has adopted strategic goals based on five pillars, which are related to development of the sustainable financial policies, optimal allocation of the financial resources and raising the efficiency of its management, improvement in the quality of the accounts, enhancement of transparency, allocation of the state assets as well as enhancing the Kingdom's position globally and regionally,” Jadaan said.

He added that the ministry's strategy focuses on three pillars: empowering the digital transformation, enabling the human cadres within a productive environment and enhancing management of change and communication.

He pointed out the pivotal role of the Ministry of Finance in empowering and supporting government bodies and agencies to reach their objectives.

Jadaan affirmed that Etimad platform aims to provide services to the public and private sectors alike, disclosing that this platform seeks to accelerate and facilitate the government requirements and measures.

"Integrated relations among the public and private sectors represent a developmental business system in the Kingdom, where the private sector is as important as the public or governmental sector," he said, adding that the private sector is a main partner in the comprehensive development and one of the national economy's pillars.

He stressed that this platform contributes to accelerating the payment of dues of this vital sector in addition to the government's commitment to pay the private sector's entitlements within 60 days.

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