Capital expenditure during the three years from 2017 to 2019 were amounted to 659 billion riyals, which is specialized in the budget of the Vision.
This is reflecting the government's interest in raising spending efficiency and driving economic growth, which is reflected in maximizing economic returns, with the volume of expenditure during the period equal to about 21.5 per cent of the volume of expenditure.
According to an analysis of AlEqtisadiah Reports Unit, capital expenditure in the budget of 2019 were amounted to about 246 billion riyals and a growth of 20 percent over last year of 205 billion riyals, an increase of 41 billion riyals.
Capital spending focused on its priorities during the period, namely spending to stimulate economic growth and generate more jobs, as well as the projects of " Saudi Arabia Vision 2030", in addition to the development of infrastructure and financing of new projects.
According to the analysis, the size of capital expenditure in the budget of 2019 is the highest compared to the actual expenditure for 2017, which were amounted to about 208 billion riyals, as well as 205 billion riyals expected expenditure for 2018.
Capital expenditure for 2017 accounted for 22.3 per cent and 20 per cent for 2018, while the capital expenditure for the budget of 2019 is about 22.2 per cent.
According to the statement of the Ministry of Finance, the economic indicators for 2019 is expected to continue to improve with the support by a budget based on investment spending, as well as economic reform programs, private sector stimulation and support initiatives for families and eligible citizens.
In its statement, the Ministry of Finance said that the Government will continue to work to create a business climate to strengthen the role of the private sector in sustainable economic growth and job creation for citizens.
The improvement in the business climate and increased investment opportunities are expected to allow private sector participation and rapid growth.
The government is working on a number of economic reforms, including stimulating investment, enhancing investor confidence, privatization programs, capital expenditure directed on the basis of economic contribution and vital projects, in addition to the active role of the Public Investment Fund in promoting economic development, good management and development of the Kingdom's assets in the medium and long term and raising levels of productivity, and other initiatives that aimed at achieving the "vision of Saudi Arabia 2030".
Prince Mohammed bin Salman, Crown Prince and Deputy Prime Minister and Minister of Defense and Chairman of the Council of Economic Affairs and Development, said that the government has injected into this budget more investments in the programs of achieving the Vision of Saudi Arabia 2030 to support economic growth in order to strengthen the infrastructure and enable the economy to create more jobs for citizens and create an attractive investment environment that contributes to directing the national economy towards broad prospects of growth and prosperity.
He said-in a press statement after the announcement of the Kingdom budget-the Government of the Kingdom will continue in 2019 to work on the implementation of economic and structural reforms in various fields.
He stressed the interest of the government to raise the efficiency of spending to ensure the best economic return.
He pointed out that the statement of the state budget reflects the keenness of the Kingdom's government to adopt the highest standards of transparency and financial disclosure that to enhance the confidence and economic and financial strength of the Kingdom.
* Economic Reports Unit
