The Cabinet in its session chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud at Al-Yamamah Palace in Riyadh on Monday approved the State's general budget for the new fiscal year 1437/1438 AH.
The session began with a recitation of verses from the Holy Quran.
The Custodian of the Two Holy Mosques addressed the following speech to citizens in which he announced the budget:
In the name of Allah, the Most Gracious, the Most Compassionate,
Praise be to Allah and peace and blessings be upon our Prophet Muhammad, his family and companions,
My brothers and sisters, male and female citizens,
May Allah's peace, mercy and blessings be upon you.
With the help and guidance of Allah Almighty, we announce today the budget for the fiscal year 1437/1438 AH, which comes in light of the decrease in oil prices and economic, and financial regional and international challenges, where the global economic growth declined from the previous levels, and the lack of stability in some neighboring countries. We direct officials to take this into consideration and give priority to complete the implementation of projects approved in previous budgets, many of which have been under execution.
Brothers and Sisters: We praise Allah Almighty for what has been achieved during the past years of construction and development, and our ambitions are grea , and our economy has potentialities and capabilities enabling it to meet the challenges.
We directed the Council of Economic and Development Affairs to work on launching a comprehensive economic, financial and structural reform program, and this budget represents the beginning of an integrated and comprehensive program of work to build a strong economy based on solid foundations in which the sources of income are diversified, savings are grown, job opportunities are increased, and partnership between the public and private sectors is strengthened, along with the continuing implementation of development and service projects, the development of various government services, raising the efficiency of public spending, reviewing of government support system with the gradual implementation of the efficiency in the use of resources and restricting wasting, taking into account to minimize the negative impacts on middle and low-income citizens, and competitiveness of business sector.
And we direct officials responsible for the preparation of this budget that they should bear in mind to continue work towards the comprehensive integrated and balanced development in all regions of the Kingdom.
We directed officials to implement their duties in the best way and serve citizens, who are in the focus of our attention, and we will not accept any negligence in this regard; and directed for continuation of reviewing the regulations of control systems to ensure the promotion of their authorities, and upgrading their missions and responsibilities to preserve public money and ensure accountability of the negligent.
Our responsibility all is to maintain what our country is blessed by Allah Almighty of security and stability to continue the march of growth and development.
Then the Cabinet's Secretary General Abdulrahman bin Mohammed Al-Sadhan read the decrees on the budget.
The Minister of Culture and Information Dr. Adel bin Zaid Altoraifi said in a statement to Saudi Press Agency following the session that the Minister of Finance presented a summary on the State's budget, during which he explained the financial results for the current fiscal year 1436/1437 AH, and reviewed the main features of the State's general budget for the new fiscal year 1437/1438 AH.