Thursday, 13 Aug 2020

Custodian of the Two Holy Mosques Chairs Cabinet’s Session, Approving State’s General Budget for Fiscal Year 2020

Riyadh, The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired the Cabinet session held at Al-Yamamah Palace here today, approving the State's General Budget for the fiscal year 2020.

The session started with recitation of verses from the Holy Quran. In a speech addressing male and female citizens, the Custodian of the Two Holy Mosques announced his approval of the budget.

The following is the full text of the speech:

"In the name of Allah, Most Merciful, Most Gracious. Praise be to Allah, Lord of the worlds, and prayer and peace be upon the Messenger of Allah.

May Allah's Peace, Mercy and Blessings be upon you.

With the help of Allah, we announce the budget for 2020, which enhances the development process in the Kingdom, and aims at supporting economic and financial growth and stability.

We are determined - with Allah's help - to continue implementing economic reforms, diversifying sources of income, including investing proceeds of Saudi Aramco by the Public Investment Fund, optimizing the use of available resources, empowering the private sector, and raising the level of transparency and efficiency of government spending to boost growth and development rates.

The expenditure in this budget is One Trillion and Twenty Billion Saudi Riyals. This level of spending confirms our keenness to complete achieving the goals of the Kingdom's 2030 Vision. This budget is a continuation to the government's policy in developing basic services and facilities for citizens, strengthening social protection programs, ameliorating government services, increasing the level of quality of life and supporting housing plans.

We have directed the competent authorities to extend the payment of the cost of living allowance for an additional year until the end of 2020.

Also, we have directed the ministers and officials to commit to implementing the developmental and social programs and projects under the budget.

We pay tribute to the blessing of security, safety and stability that Allah has bestowed on us, and we will continue to work with all our resources and energies, foremost of which is the Saudi citizen, to achieve our goals, with the help of Allah.

May Allah's Peace, Mercy and Blessings be upon you."

Source: Saudi Press Agency

Posts You May Like