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Saudi Crown Prince: Economic Transformation Advancing Firmly According to Vision 2030

Saudi Crown Prince: Economic Transformation Advancing Firmly According to Vision 2030

Tuesday, 10 December, 2019 - 06:30
Saudi Crown Prince Mohammed bin Salman during a cabinet meeting Monday to approve the 2020 budget. (SPA)

Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, hailed on Monday the speech by Custodian of the Two Holy Mosques King Salman bin Abdulaziz on the occasion of the unveiling of the Kingdom’s 2020 budget.

The Crown Prince stressed that the economic transformation that has been adopted by the Saudi government is advancing at a steady pace in line with Vision 2030.

The budget underlines the commitment to implement economic reforms and plans in line with the Vision and that aim to establish a “prosperous economy and ambitious nation”, he stated.

The government is seeking to improve the people’s lives through “developing and diversifying the economy, improving job opportunities and bolstering public services,” he went on to say.

He underscored the importance of financial and economic stability to achieve these goals.

“The economic and structural reform that have been implemented in the past three years have started to bear their fruit,” stated Crown Prince Mohammed, citing the Kingdom's marked improvement in gross domestic product in the non-oil sector

Moreover, he stressed that the government has sought to empower the private sector to allow it to play its part in developing the national economy.

He said that the ongoing reforms in improving the work environment have attracted investors, who are keen on boosting the economy. This was reflected in the Kingdom’s rising up the ranks of international competition and ease of doing business indices.

The government has a clear vision, firm goals and set plans that it wants to implement while preserving financial and economic stability that are cornerstones of sustainable economic development, he declared.

Crown Prince Mohammed said the government is constantly reviewing policies and procedures to ensure their effectiveness and rectify courses whenever the need arises.

King Salman approved on Monday the Kingdom’s budget 2020 with spending projected at $272 billion, with revenues estimated at $222 billion.

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