Saudi Arabia: Calls for Enhanced Accountability, Governance Mechanisms in Public Sector

Saudi government auditors meet to discuss the public sector, Asharq Al-Awsat
Saudi government auditors meet to discuss the public sector, Asharq Al-Awsat
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Saudi Arabia: Calls for Enhanced Accountability, Governance Mechanisms in Public Sector

Saudi government auditors meet to discuss the public sector, Asharq Al-Awsat
Saudi government auditors meet to discuss the public sector, Asharq Al-Awsat

Control specialists have called for the need to strengthen mechanisms of oversight and accountability and the implementation of governance in the Saudi public sector.

They also urged to apply tools of governance to official bodies in the Kingdom.

The specialists called for adopting independent government committees concerned with overseeing the auditing department’s work in government agencies. This, according to the specialists, will achieve continuous improvement and permanent monitoring of internal work.

These remarks were given at the first forum held on internal audits, organized by the General Auditing Bureau. Held in Riyadh, the forum witnessed the presence of 200 participants from various government agencies.

President of the Saudi General Auditing Bureau (GAB) Hussam Al-Anqari confirmed the importance of developing the role of internal audit departments in government agencies through identifying and implementing the most modern scientific and practical aspects of auditing.

The Saudi Electricity Company presented its personal experience in the process of internal control and auditing.

The forum, in its several sessions, discussed contemporary problems facing internal audits and means to develop the activation of governance mechanisms. It also highlighted the challenges faced by internal audit departments.

In addition to discussing the quality of performance of internal audit units in public sector establishments, the forum addressed ways to develop training workshops for auditors.

The forum aimed at highlighting the importance of internal audits and their role in enhancing control and governance in the government sector, as well as boosting the transfer of professional expertise, cooperation and intergovernmental agencies’ joint work in the areas of accounting and control.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.