24/12/2013
Analytical reading shows interest in the development and ongoing follow-up of leadership
East Chamber: 7 key pillars of the budget adopted by the Kingdom for the year 2014
Support the education and training sector to increase the convergence of about 3 percent for the current year
Strengthen the state's efforts to narrow the development gap between different regions
Importance investments for surplus funds to develop and diversify non-oil sources
Eastern Chamber representative by information center and studies issued ananalytical reading of the general budget for the new financial Kingdom year 1435/1436 explaining that the indicators of spending came to continue the instructions to accelerate economic and social development and people's living standard and improving the quality of life and care for the needy members of society.
The reading indicated that a set of key objectives and principles adopted in the preparation of the budget at the direction of leadership including: continued focus on growth and development of the human race, and to give priority to services involving Saudi citizens directly, expanding and developing infrastructure projects for the Saudi economy, diversification of sources of income, reserves, and continue to reduce the public debt and the budget has been prepared taking into account the availability of financial resources optimally meets the requirements of comprehensive and sustainable development.
Reading projects and noted that the budget for the new fiscal year (to supplement the budgets of the previous Kingdom) adopt new and varied projects, marking the entry into a new period of increased spending on many files, as a complete energy projects, infrastructure, and continued financial support for the real estate development fund to solve the housing problem, and preventive projects to protect cities from flash floods, work on developing new channels contribute to the supply arteries of the national economy. And in the budget – according to the report, numerous references about the interest of good political leadership development in all areas, and its intention to support the Kingdom's economy in all areas, and its desire to strengthen spending on infrastructure to support successful economic Renaissance, to the conscious awareness that the breakthrough economics and business development and attracting foreign investment depends on the extent and size of the infrastructure of the State.
The reading indicated a number of references and the semantics that can be read and learned from indicators of the budget comes first, the attention to the issue of balanced development among all regions of the Kingdom still enjoys special attention and follow-up by the custodian (God), we find that the intention of the Kingdom to narrow the development gap among different regions and reduce the concentration of population in some areas, to ensure the continuation of balanced regional development, and the development of the region, was allocated to the service sector, the municipality includes the Ministry of Municipal Affairs And provincial and municipal secretariats and about 39 billion riyals, an increase of 9 from what was allocated in the budget for the current fiscal year 1435/1436, of which more than a billion riyals (4.4) financed from the revenues of the State and municipal secretaries, to implement new and diverse development projects in all regions, with the aim of enhancing the role of all regions in economic and social development.
Development in the second concern highlighted Saudi citizen reading is really the very objectives of the Kingdom through investment in people, and reflected positively on the nation and the citizens, and this clearly shows the amounts required to support the development of health services and social development programs and tackle poverty and speed up the completion of programs and development projects dealing with sophistication and its evolution, to provide the necessary services and facilitation for citizens and State institutions and bodies to perform its role to citizens as the best, was allocated to the services sectors Health and social development (108) billion riyals, an increase of 8 for what was allocated in the budget of the current fiscal year 1435/1434, and Saudi Arabia in their policies aimed at increasing the well-being of citizens, and provide a decent life for them.
And in the third concern highlighted the extent of understanding and assimilation of the Kingdom to the importance of education and manpower development and upgrading in various fields, including education and training, especially in the fields of science and technology, Informatics, support for scientific research, technical development, with education in Saudi Arabia more achievements and giant leaps as a task in progress, to keep up with scientific and technological developments in the world of education Central intersects with all topics dealing with development and the development of cultural, social, economic, Environmental or health, Saudi Arabia always looks forward to a brighter future for coming generations, working hard to shift to the knowledge economy. With what has been allocated to the education sector, higher education and workforce training approximately 210 billion riyals, about 25 of the approved expenditures by budget and increased convergence towards 3 what has been allocated to the sector in the current financial year's budget 1435/1434.
Competitive in the fourth reading indicated concern that the economic policies pursued by the Kingdom aims to develop and diversify sources of income and optimization of resources, to ensure the sustainability of economic development over the long term and reduce the risks associated with reliance on a single commodity as a source of income, and continue to further develop the structure of the economy, significant increases in non-oil sectors in GDP, provide career opportunities. And lifting capacity of competition of the national economy and the importance of national products, but despite the increased role of the non-oil sector in the national economy, especially the role of the private sector, but the oil sector remains the engine of the national economy, contributing most of the Kingdom's income and balance of payments, receipts (that is, it must make use of fiscal surpluses to face it and pay attention to the development and diversification of non-oil sources).
As the Government continued its fifth surplus budget (except 2009) on the back of higher oil revenues since 2003, enabled the Government to reduce the public debt by an annual average of 17.8 to 167 billion in 2010, from about 660.2 billion in 2003, and this debt was reduced by 18.9 points to 135.5 billion in 2011, also reflected continued reduction of public debt in the significant improvement in the ratio of public debt to GDP decreased to 6.3 In 2011, from 10.2 in 2010, 82.9 in 2003, and did not issue any tools for public debt in 2011 because of a good budget over the past years, and is expected to decrease the size of the public debt by the end of the current fiscal year 1433/1434 (2013) (75.1) billion and represents 2.7 of GDP expected for the year 1433/1434 (m) compared with $ (98.8) billion by the end of the last fiscal year 1434/2012 (2012).
The monetary policy pursued by the Kingdom helped to provide fiscal space to take strong action in the face of the effects of successive global financial crises, and maintained the durability and safety of the banking sector, the economic mutations taking place in national economy asserts that good financial Kingdom policy and proceed on track. Serious plans have contributed to this remarkable superiority.
And on the sixth interest indicators of the budget for the new fiscal year and its various economic sectors in the current fiscal year with a clear message to the Saudi private sector that Saudi Arabia is committed to continue its stimulus spending, expansionist spending, announcing several investment opportunities in various sectors. Finally, in the seventh, the general budget of the Kingdom for the year 1435/1436official confirmation and Declaration of the economic strength of the Saudi economy and its ability to respond to crises, and achieving balanced development in all areas, and that the budget document was encouraged a message of reassurance to investors in all economic areas, emphasizing the continuity of the Kingdom in being a safe haven, and the global model for all businessmen and investors.
Global impact tributes praised numerous reports by international economic organizations and the recent macroeconomic performance, and essential role in the stability of the oil market, the impact of continued excellent performance of the Saudi economy, taking advantage of the growth in government spending on infrastructure projects, and the continuation of the Kingdom in many economic and structural reforms undertaken to enable the non-oil private sector growth is strong. The report said the IMF's consultations with the Kingdom (2013), the Kingdom of the best performance in the g-20 States in recent years, they have supported the global economy through its role in support of the stability of the world oil market, and the report noted positive prospects for the Saudi economy.
Executive Directors welcomed the IMF measures taken by the Government to strengthen public financial management, and welcomed the ongoing steps to support the financial development and strengthening financial regulation and supervision, commended the large investment-oriented education to enhance the skills of citizens, citing the need to control this expenditure in the light of the results, they emphasized that credit growth in Saudi Arabia is still strong and the banking system enjoys a good level of capital adequacy and profitability with the introduction of the 'Basel III' capital in January 2013, the Kingdom of The first States that have implemented these standards. The standard and poor's rating agency raised the rating of sovereign rating Outlook to positive from stable to high credit degrees (AA-) and s & p praised the Kingdom's efforts to strengthen and diversify the economy, leading to accelerated growth and real per capita income, in addition to the prudent management of the financial reserves, and the announcement came after a similar announcement from Fitch Ratings during March this year.
Electronic transactions and about the reading indicated that infrastructure reforms to the national e-Government ' has continued the implementation of the second phase of the project which was launched in fiscal year 2007, 2006 to support the initiatives and projects of the second action plan for e-Government (2012-2016), and some have been implemented (1600) electronic service is currently available through national e-Government Portal (Saudi), the number of government entities related to GSN (106) is a governmental body. The number of government agencies that Exchange data with each other electronically through channel integration (65) a governmental body, also launched the national contact center service users of e-services around the clock through multiple communication channels.
With regard to the implementation of the program of the electronic payment of fees and charges of government services through a system of ' payment ' is the total number of those who are linked to the system during the current financial year 1435/1434 (4) governmental bodies, bringing the number of its associates to (128) on the one hand (17) is a governmental body, the total of payments made through the system during the current financial year 1435/1434 (80) Eighty-three billion rials, up 41 on the previous financial year 1433/1434, bringing the total of payments made via System since its launch until 27/1435/1 the almost (224) two hundred and twenty-four billion riyals. The reading also highlighted the issue recently SAMA first license to exercise the activities of mortgage and lease of any local bank as reform programs, the Foundation currently updating study more than (15) after the regular licensing requirements.
