A mechanism to link financial planning to priorities to raise spending efficiency and reduce risks

The Ministry of Finance emphasized linking financial planning with national priorities to reduce risks, support the private sector, and spend efficiency. This came during a meeting organized by the Center for Financial Communication and Knowledge “Tammam”, entitled: “Medium-term financial planning and its effects on the economy”, to discuss the impact of medium-term financial planning on financial policy, as well as the mechanism for linking financial planning with national priorities, and the objectives of financial planning in raising the efficiency of Government spending and its impact on enhancing the participation of the private sector in economic development.

The meeting witnessed the participation of the Assistant Undersecretary for Budget Performance – Director General of the Permanent Work Team Office at the Ministry of Finance, Abdulaziz Al-Masaed, the Executive Director of the Vision Realization Sector in the Strategic Management Office – Eng. Executive Director of the Public Investment Management Sector at the Expenditure Efficiency and Governmental Projects Authority – Hani Shata, while it was managed by the writer and economic analyst – Talaat Hafez. At the beginning of the meeting, Abdulaziz Al-Masaed explained that medium-term financial planning stems from the financial sustainability program, and is a translation of the objectives of the Kingdom’s Vision 2030, pointing out that it is one of the best global practices, and achieves financial sustainability and continuity of the general budget to serve national priorities.

He pointed out that the financial framework determines spending ceilings, expected revenues and debt ceiling, and that the Kingdom has frameworks that contribute to making financial planning as close as possible to accuracy.

For his part, Eng. Abdul Rahman Maghribi stated that the Kingdom has ambitious national plans, strategies and priorities, as well as financial ceilings that must be maintained for financial sustainability, indicating that through financial planning, the state can provide tangible services to citizens and residents with high quality and quality, and has become the fastest country in the world at the level of reforms.

In turn, Dr. Nasser Al-Mashari noted that the medium-term financial planning initiative on which the Ministry of Finance was based contributed to reducing the risks facing the private sector, most notably the difficulty of predicting the future.

He stated that the plans of the Kingdom’s Vision 2030 and the medium-term financial planning initiative helped the private sector in updating its strategies, facilitating investment decisions in the private sector, ensuring sustainable growth in revenues and improving the quality of services and products provided. An essential building block in following up the impact on spending, explaining that the sectoral strategy is based primarily on measuring priorities. He stressed that the private sector needs investment opportunities backed by plans and strategies adopted by the government.

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