He explained that Saudi Arabia has achieved during the last decade a strong financial situation by building reserves in the period that witnessed a rise in oil prices; to cope with fluctuations in domestic and global economic cycles, also lowered levels of public debt to provide future ability to borrow as public debt has hit about 44 billion riyals the equivalent of 1.7 % of GDP at the end of 2014. He said in his speech about the overall financial trends about medium-term revenue that Saudi Arabia is like other oil-exporting countries which have been affected by fluctuations in oil prices, that reached to below $ 30, so the aim of public finance trends over the medium term to achieve a balanced budget by 2020 by enhancing non-oil revenue and raise the efficiency of spending and work to achieve fiscal discipline. The main pillar of public financial management is providing greater transparency on medium term public finance trends to define the strategy and path of the adjustments over coming five years in order to support economic growth and financial stability and reduce the impact of oil price fluctuations in budget by working to achieve a balanced public finance and a medium-term strategy of public debt. The minister indicated that Ministry of Finance is working in collaboration with government agencies and other relevant partners and ministries to develop the process of transformation. --SPA 18:36 LOCAL TIME 15:36 GMT www.spa.gov.sa/w296682