Custodian of the Two Holy Mosques Inaugurates Shura Council's 1st Year of 7th Session 6 Riyadh

  • 2/5/2023
  • 14:47
  • 19
  • 0
  • 0
news-picture

The vision also targets upgrading the non-oil exports rate, elevating the rate of direct foreign investments, moving to advanced ratings in the world competitiveness index, reducing employment rate, increasing the capacity of accommodating more pilgrims, increasing non-oil revenues, upgrading the rate of home-possessing Saudis and increasing the rate of women participation in the workforce market. The vision also targets a number of important sectors such as health and education. To this effect, a number of ministries, authorities, establishments and commissions were reshuffled to meet the requirements of the new phase. On the other hand, everybody is aware of the latest drastic economy fluctuations that hit a number of countries in the world of today, weakening their growth and leading to reduced oil prices, thus affecting our country as part of the whole. To deal with those changes without dropping any of our major goals, the State has taken a number of comprehensive economic, financial and structural reforms, some temporarily painful, including upgrading the efficiency of capital expenditure, increasing the efficiency of the State's operative expenditure, and working to score the highest level of benefit from revenues. Also a package of policies and measures were taken to achieve wide-range structural reforms in the national economy, including diversifying the sources of income, non-reliance on oil, giving priority to investment in developmental projects and programs that directly serve the citizen so that it would lead to strengthening the situation of the general finance and enhancing its sustainability, continuing dependence on developmental and service projects necessary to the economy growth in what would contribute to activating the role of the private sector and increasing its contribution in the gross domestic product. On the other hand, the Kingdom is exerting continuing efforts to achieve stability in the oil market through cooperation with OPEC and non-OPEC oil producing countries. The last three decades experience has proved that the Kingdom has successfully overcome similar economic circumstances, leading to trimming its expenditure and adopting other measures helping it to emerge with a strong economy and a continuing increasing-growth. --More 19:17 LOCAL TIME 16:17 GMT www.spa.gov.sa/w290713

مشاركة :