Overview

Following orders by the Kingdom of Hijaz that all financial matters were to be managed by a financial directorate, the Public Finance Directorate was established on 17 Rabi II, 1346H., and assumed sole responsibility for all financial issues and matters in the Kingdom. On 11.4.1351H., Royal Decree No.381 was issued, changing the name of the Public Finance Agency to the Finance Ministry and establishing only the second ministry after the Foreign Ministry. The Finance Ministry became responsible for the organization, maintenance and collection of the government's finances, as well as for initiating budgeting methods. Therefore, it became the final authority for all financial matters in the Kingdom of Hijaz, Najd and its dependencies. In 1355H., in an attempt to keep pace with the expanding activities of the Finance Ministry, a number of public directorates were created within the Ministry, including the Public Directorate for Petroleum and Minerals, the Public Directorate for Public Works, and the Public Directorate for Customs. In addition, offices for corporations, construction projects, exchange, Zakat and income tax and pilgrimage affairs, and later on in 1356H., the Civil Service and Retirement Bureau were established. In 1367H., the Directorate of Agriculture was established. In 23.8.1374H., a Deputy Ministry for Communications Affairs was created in the Finance Ministry that included the Telegram and Post Directorate and Roads and Railway Agency. To face further economic expansion requirements, ministerial resolution No.518, dated 6.11.1370H., was issued to create a bureau for overseeing economic affairs and related decisions taken by various international organizations (with a recommendation by the United Nations Security Council), as well as U.N. decisions and those of Islamic and Arab Economic Conferences. In 14.10.1372H., Royal Decree No.1697 was issued to create the Ministry of Economy to replace the Economic Affairs Bureau. And in 6.1.1374H., Royal Decree No.31 was issued to merge the Ministry of Economy and the Finance Ministry into a consolidated ministry under the name of the Ministry of Finance and National Economy , In 28.2.1424 , Royal Decree No. A / 2 was issued to transfer the economic activity from the Ministry to the Ministry of Planning and in according to that changing the title from the Ministry of Finance & National Economy to ( The Ministry of Finance ) and The Ministry of Planning to The Ministry of Economy and Planning.

The Ministry's Duties:

1. Oversee the Kingdom's financial and monetary policies and monitor the implementation thereof by competent agencies.
2. Prepare the Kingdom's general budget, discuss it with other government agencies, and monitor the implementation thereof.
3. Maintain the records of all current accounts between the Ministry and other government agencies.
4. Control the antecedent prior to expending from budget allocation in all government agencies.
5. Oversee the Kingdom's revenue gathering procedures and ensure the conformity of these procedures with the established set of regulations and bylaws.
6. Oversee finalization of the governments' annual closing accounts record of expenditures.
7. Supervise and maintain government properties.
8. Represent the Kingdom to international and regional economic and financial organizations, pursue financial and economic information worldwide, and prepare the necessary studies and reports connected therewith.
9. Give effect to the Kingdom's decisions regarding foreign aid.
10. Implement the Kingdom's policy with respect to granting loans to Saudi citizens and businesses in different development areas through the commercial banks and the specialized credit institutions, such as the Saudi Arabian Agricultural Bank, the Saudi Credit Bank, the Saudi Industrial Development Fund, the Real Estate Development Fund, and the Public Investment Fund.