Congratulating The Custodian of the Two Holy Mosques and his Crown Prince, On the occasion of announcing the largest expenditure budget in the history of Saudi Arabia.

Dr. Fahad Altekhaifi: Growth budget, development and transparency trends, and emphasis on the accuracy of the objectives

On his behalf and on behalf of all members of the General Authority for Statistics (GASTAT) and all the statistical sectors in the Kingdom of Saudi Arabia, Dr.Fahad Bin Sulaiman Altekhaifi congratulates The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz AL-Saud and his Crown Prince HRH Prince Mohmmad Bin Salman ALSaud, On the occasion of announcing the budget for the fiscal year 1439/1440 H as the largest expenditure budget in the history of Saudi Arabia. This achievement was a result of the directives of the wise leadership of this country to reduce the budget deficit for the current fiscal year by more than (25%) compared to the previous fiscal year despite the high expenditure. Dr. Altekhaifi stressed that the contents of the speech of the Custodian of the Two Holy Mosques in the budget declaration came to confirm the continuation of the development and improvement towards achieving the vision of the Kingdom (2030) to increase the size of the national economy and keep its growth. As well as, the continuation to diversify the economic base and income sources to enhance the ability to adapt to the developments and overcome the challenges and to ensure that the private sector can play a greater role in the development. Moreover, The Custodian of the Two Holy Mosques, in the budget declaration, stressed on the need to ensure that the burden on citizens will be minimized, he also stressed on dealing with the potential effects as well as supporting the private sector, identifying the objectives to reduce the budget deficit for next year to be less than (8%) of GDP despite the large and expanding budget and the continuation to reduce the dependence on oil. He also emphasized on the continuation to fight corruption and maintain the public money to pursue a bright future for the country.
In addition, Dr. Altekhaifi added that this speech confirms the keenness of the wise leadership to ensure that prosperity will prevail in all regions of the Kingdom and that was confirmed by the Custodian of the Two Holy Mosques also that this budget will continue to be disbursed to various development sectors in all regions of the Kingdom at high rates. The Custodian of the two Holy Mosques concluded his speech ensuring that he had kept in mind that he would continue to work towards comprehensive and balanced development to all regions of the Kingdom and that there is no difference between these regions.
The president of the General Authority for Statistics (GASTAT) stressed that the Custodian of the Two Holy Mosques' directive to all officials to raise the level of performance, develop government services, enhance the efficiency of expenditure and transparency to meet the aspirations and obtain the satisfaction of citizens for the services provided to them is a road map to be used by all government entities and in all areas of development.
On the other hand, Dr. Fahad bin Sulaiman Altekhaifi said that all the important changes in the structure and mechanisms of the Saudi budget are considered strong cornerstones for the future on the intermediate and long terms. The budget included anticipations about the economy performance on the intermediate term “five years” which assured how clear and accurate are the objectives that the country works on to achieve a financial balance in 2023.  The announcement of these anticipations will be a fundamental base in managing the economic growth in all developmental fields. It will also enhance the transparency and disclosure values, which are values adopted by Saudi Arabia as strategic values in achieving the financial balance program as they comply with the announced objectives of the 2030 Saudi vision. Moreover, the announcement of the developmental funds and the investment fund collaborations in the capital and investment expenditure which exceeded the budget capital expenditure in the past years, in addition to the continuity and increase of the capital expenditure will have a strong impact on the economic development. Altekhaifi indicated that the 2018 budget statement is a result of the new political and economic policies which rely on strong bases both economically and administratively. It also asserts that we are going through the right path toward the future which started to be obvious through the wise economic management that the economic and development affairs council represents. The economic reforms that started with the announcement of the ambitious vision pushed the country towards a change through implementing a financial and economic policies system to improve the efficiency of the government expenditure, and found new non-oil income sources to create a kind of financial balance as a strategic objective on the intermediate term. This will be reflected on the economy of the country and will improve the citizen’s living standard. 
GASTAT president added that the announced investments will affect the development positively, as it will enhance the economic growth, collaborate in improving the main services provided to citizens, and motivate the private sector which gets an unlimited support as it is considered a fundamental partner and a main axis in the development process. Furthermore, the high-yield investments that affect development in general and human resources in particular will contribute in increasing the Saudi citizen living standards. 
He also mentioned that the budget with all its components will guarantee achieving an effective contribution to improve the efficiency of the government expenditure on one hand, and the quality, accuracy, and transparency of the financial accounts on the other hand. However, moving from cash basis accounting to accrual basis accounting will collaborate in increasing the financial efficiency which will be reflected on the projects outputs that the citizen get benefited from. GASTAT president concluded with prayers to this country “May God keep this country secured and prosperous”