The Saudi Finance Ministry revealed on Wednesday the need for a flexible regulatory mix in government agencies consisting of direct supervision, self-monitoring, digital and technical oversight, and reporting oversight, to contribute to raising efficiency in the public sector.
According to the ministry, the mix will aid in enhancing awareness of financial control and developing regulatory governance as well as automating manual control procedures.
To that end, the ministry launched an initiative to support and develop financial control work.
The initiative aims to develop the ministry’s supervisory role by keeping pace with the latest global practices in financial control methods. It also benefits from technical development witnessed in the Kingdom and contributes to achieving the goals of Saudi Arabia’s national transformation plan, “Vision 2030.”
More so, the initiative includes the “Experimental Application Project for Self-censorship”, which aims to conduct a field study on the extent to which supervision can be applied to government agencies to raise their oversight efficiency.
In other news, the Saudi Center for International Strategic Partnerships (SCISP) and the Saudi General Authority for Competition (SGAC) signed a cooperation memorandum aiming to reinforce fruitful collaboration in common areas of government work.
The signing of the agreement aligns with the objectives of Vision 2030 and raises the level of competition in the business sector.
SCISP CEO Faisal Al-Sugair explained that the inked cooperation deal comes within the framework of consolidating partnership and achieving integration with the relevant government agencies in a way that contributes to enabling the Kingdom’s strategic partnerships with the countries of the world.
“The signed memorandum works to strengthen partnership and cooperation between the two parties in a number of projects,” said Al-Sugair, adding that it also allows benefiting from the studies and research conducted by the Center to identify opportunities and learn about developments in other countries.
Since its establishment, SCISP has issued more than 330 international reports and research studies.