Strategic Programs
Medium-Term Fiscal Framework Program
Weak financial planning and budget forecasting limit the government's visibility of its fiscal position over the medium and long term. Consequently, the current fiscal policy has a limited role in guiding expenditure priorities, which should instead be based on sound fiscal rules and aligned with fiscal policy and macroeconomic principles.
Revenue Policy Development Program
The Kingdom currently relies heavily on oil revenues, making government revenues vulnerable to fluctuations in oil prices. As one of the primary objectives of Saudi Vision 2030 is to diversify non-oil revenue sources, the Non-Oil Revenue Development Unit has, over the past three years, led the development and implementation of initiatives to enhance non-oil revenues and established a roadmap through 2020. In line with the Vision 2030 objectives, the Ministry of Finance will continue to support the growth of non-oil revenues under the current fiscal framework while developing policies to further diversify revenue sources beyond 2020.
Revenue Maximization Program – General Authority of Zakat and Tax
Revenue generated by the General Authority of Zakat and Tax is one of the government's primary sources of non-oil revenue. As revenue diversification remains a national priority, the Authority will launch initiatives to increase non-oil revenues through improved collection of Zakat and taxes.
Revenue Maximization Program – General Customs Authority
Revenue collected by the General Customs Authority represents one of the government's key non-oil revenue sources. To support the Kingdom's objective of diversifying and expanding non-oil income, the Authority will introduce initiatives to increase non-oil revenues generated through customs operations.
Debt Policy and Debt Management Office Establishment Program
In line with the structural, economic, and fiscal reforms introduced under the Vision Realization Programs to achieve the objectives of Saudi Vision 2030, and as part of the Ministry of Finance's mandate, this program aims to secure the Kingdom's financing requirements at the lowest possible cost over the short, medium, and long term while ensuring that associated risks remain consistent with the Kingdom's fiscal policies.
Financial Risk Management Capacity Building Program
Economic activity and financial transactions inevitably involve varying degrees of risk. Accordingly, the Ministry of Finance seeks to develop comprehensive financial risk management capabilities that will enable it to conduct the necessary analyses and implement effective solutions to identify, mitigate, and manage financial risks.