A number of Saudi government agencies have discussed the potential to achieve efficient spending and optimal business mechanisms in the country in accordance with the best local and international practices.
The Center of Spending Efficiency (CSE) held a workshop on Monday in the capital, Riyadh, entitled “Enabling spending efficiency teams in government agencies” to upgrade the government agencies’ capabilities to activate the mechanisms of achieving government spending efficiency.
This step is aimed at keeping pace with the government's aspirations for Saudi Arabia to become a successful model at the level of achieving financial and economic stability in line with the Kingdom's Vision 2030.
Attendees in the workshop, in which leaders and members of spending efficiency achievement teams in 167 government agencies have participated, amounted to 650. All have discussed the capabilities and optimal work mechanisms according to the best local and international practices in order to achieve spending efficiency.
In this context, Deputy Minister for Budget and Organizational Affairs in the Ministry of Finance Yaser al-Quhidan stressed the importance of cooperation among various government agencies to maximize impact against spending and the optimal orientation of government spending.
CEO of the CSE Eng. Abdul Razzag al-Aujan affirmed at the end of the workshop that the initiative is part of the Center’s 2020 plan to support government agencies in achieving spending efficiency targets towards sustainable spending in line with the Kingdom’s vision and aspirations.
On the other hand, the Kingdom’s Ministry of Finance announced that it has stopped receiving requests from investors on its local Sukuk issue for January under the Sukuk Issuance Program in Saudi Riyal.
It noted that the issuance value was determined with a total amount of SAR6.7 billion ($1.7 billion).
It explained that the issuances were divided into two sections: the first amounted to SAR715 million for Sukuk due in 2027, and the second would be six billion Saudi riyals, so its final size would be SAR7.8 billion for Sukuk due in 2030.
