The Saudi Ministry of Finance confirmed that the government remains committed to paying all the contracts signed with the private sector within a period of 60 days.
The move aims to spur private sector investment in the local domestic product.
The ministry said, 99 percent of submitted payment orders received by the ministry have been completed within the previously announced 60 days. Of those who have been paid, 97 percent were completed within 30 days.
The remaining less than 1 percent were not paid due to court orders.
There is a small percentage of disputed amounts claimed by certain vendors and contractors, which are subject to an agreed dispute resolution mechanism as per the contracts.
These developments coincide with a huge rise in spending in line with Saudi Vision 2030 and related national programs.
The Saudi government had approved the largest budget in the Kingdom’s history with estimated spending at SAR1,106 billion (USD295 billion), an increase of 7 percent compared to the end of the fiscal year 2018.
Revenues are estimated at SAR975 billion (USD260 billion), a rise of 9 percent compared to the same period.