Saudi Arabia is on track to cut its budget deficit to seven percent of gross domestic product this year, Saudi Finance Minister Mohammed al-Jadaan said on Wednesday. He pointed out the effectiveness of the countrys fiscal and economic reform program over the past two years. Jadaan inaugurated Wednesday the activities of two-day Euromoney Saudi Arabia Conference 2018, which is held in Riyadh. “The world is witnessing promising progress due to positive expectations for growth rates in developed and emerging markets, Jadaan said, speaking at the conference. He showed optimism for better economic growth in the Kingdom despite some risks on some of the world markets as well as the large and rapid changes in the oil market, pointing out that the Saudi economy is not isolated from the global economy. Jadaan said that the Kingdom enjoys a great economic weight at regional and international levels and has huge and promising investment opportunities, which are the focus of attention and follow-up by major companies, investors and financial institutions. He drew attention to the International Monetary Fund’s commending, in its recent report on the Kingdoms Article four consultations, in terms of the size of its structural economic reforms carried out by Saudi Arabia, the progress achieved in improving the business environment as well as measures taken to enhance transparency, government accountability and optimal financial planning in the medium term. “This positive progress achieved by the Kingdoms government in the economic and structural reform programs, including the financial measures was confirmed by the announcement of the States general budget for the current year, which was built within the medium term framework according to best international practices, and it is considered the largest planned expanding budget in the history of the Kingdom of Saudi Arabia,” Jadaan further noted. He also hailed the role of the private sector in this progress, stressing that it receives great attention through the Kingdoms Vision 2030, which aims to be the main engine of economic growth and progress. The Saudi government has provided motivating packages and continued to pay the dues without delay, Jadaan stated, adding that it also provided more facilities in government procedures and more investment opportunities.