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Finance Ministry Issues A Press Release on State's Budget 5 Riyadh.

a.Enhancing fiscal management by establishing a public finance unit in the Ministry of Finance responsible for setting a budget ceiling by adopting a medium-term expenditure framework (three years); and ensuring anadherence to this ceiling;

b.Reviewing and improving budgetpolicies and procedures, preparation and implementation; beginning implementation during fiscal year 1437/1438; and applying budget disclosure and planning standards in accordance with international best practice.

c.Optimizing capital spending, including a review of government projects, their scope and priorities, to ensure their efficient implementation on the one hand, and that they remain consistent with the development priorities, orientations and needs and with financial and funding requirements on the other. The National Project Management Agency which was set up following a resolution by the Saudi Council of Ministers will work with all concerned parties to achieve this starting fiscal year 1437/1438.

d.Optimizing operating expenditures, including the rationalization of government agencies' expenses, the utilization of technology (IT) for the delivery of government services, and the development and strengthening control and governance mechanisms.

e.Reducing the growth of recurring expenditures, especially wages, salaries, allowances and the like, which amounted to SR 450 billion, exceeding 50 percent of the approved budget expenses.

f.Completing the revision of the government's competitiveness and procurement law, in accordance with world-class practices.

g.Improving the methodology and tools for the management of state assets.

h.Developing objectives and fiscal rules, consistent with transparency, control and corporate governance standards and take into account economic and development objectives and trends in the short, medium and long terms.

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17:51 LOCAL TIME 14:51 GMT

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Publication:Saudi Press Agency (SPA)
Date:Dec 28, 2015
Words:281
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