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167 Government Agencies Look Into Possibilities of Achieving Efficient Spending in Saudi Arabia

167 Government Agencies Look Into Possibilities of Achieving Efficient Spending in Saudi Arabia
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167 Government Agencies Look Into Possibilities of Achieving Efficient Spending in Saudi Arabia

167 Government Agencies Look Into Possibilities of Achieving Efficient Spending in Saudi Arabia

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.

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IMF Policy Committee Underscores Trade Risks to Global Economy, Commits to Fund’s Role

International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
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IMF Policy Committee Underscores Trade Risks to Global Economy, Commits to Fund’s Role

International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)

International Monetary Fund member countries said on Friday that rising trade tensions were sapping growth and fueling uncertainty as well as market and financial stability risks, but reaffirmed their commitment to the institution as critical to helping countries navigate a difficult environment.

In a chair's statement, the IMF's steering committee also reaffirmed prior foreign exchange commitments and voiced support for a realignment of quotas, or shareholding, that better reflects countries' positions in the global economy.

"The world economy is at a pivotal juncture," the International Monetary and Financial Committee (IMFC) said in a statement as the spring meetings of the IMF and World Bank drew to a close. "Following several years of rising concerns over trade, trade tensions have abruptly soared, fueling elevated uncertainty, market volatility, and risks to growth and financial stability."

The message comes at the end of a tense week for policymakers and investors anxious about US President Donald Trump's moves to upend global trade and his commitment to international institutions.

The IMF on Tuesday slashed its economic forecasts for the US, China and most countries, citing the impact of US tariffs now at 100-year highs and warning that rising trade strife would further slow growth. It forecast global growth of 2.8% for 2025, down half a percentage point from its January forecast.

Saudi Arabia's Finance Minister Mohammed Al-Jadaan, who chairs the International Monetary and Financial Committee (IMFC), said the Fund must continue to focus on its core mandates, including expanding trade and growth.

"Addressing global debt vulnerabilities remains a priority for our members, especially for low-income and vulnerable countries," Al-Jadaan told a news conference in Washington.

IMF Managing Director Kristalina Georgieva acknowledged that the raft of current geopolitical flare-ups, especially Trump's push to redesign world trade with a barrage of tariffs, had distracted from discussions about other pressing challenges, including artificial intelligence, in public and behind closed doors.

She said it was encouraging that members had been able to engage in open conversations and share their views "in a fair space," but said she didn't want to minimize the discord.

"I don't want to sugarcoat - we still have quite a challenging time," she said at the news briefing.

Gathering members to talk about Syria had also given a new sense of urgency and purpose to turning a place of conflict into a stable and economically successful country benefiting the region and the world, Al-Jadaan said.

"It is not just about the money, it's about the work that I and other partners can deliver and capacity development, quality data and timely advice."

Al-Jadaan said trade had been the overriding concern during the meetings but he remained optimistic that solutions could be found after a week of candid and frank discussions.

"Actually today, we are holding in a lot better position than when we started the week. People understand the consequences and are working together in a constructive way to resolve tensions," he said.