ECONOMY

Six reasons why Saudi budget 2017 is ‘exceptional’

The new budget has been calibrated to support Saudi citizens in a fair manner, where each citizen will receive the support he or she needs. (File photo: AP)

Saudi Arabia’s budget announced by the government for the coming year, earned itself widespread praise, unlike the budgets in the preceding years.

The Saudi government will adhere to the principles of enhancing transparency and financial sustainability policies across a number of new programs and plans, which are being applied for the first time in Saudi Arabia.

The new budget has been calibrated to support Saudi citizens in a fair manner, where each citizen will receive the support he or she needs. Assistance will be given to those who deserve it in a way that prevents the leakage of financial aid to the target groups.

READ ALSO: How will Saudi Arabia distribute its financial support to its citizens?

The new budget also includes long-term plans which will enable Saudi citizens and the private sector to arrange their affairs and priorities for years to come, so as to ensure a future free of burdens or obligations and that which will incorporate subtle changes in future that was not evaluated in this budget.

The budget will provide innovative solutions to intelligently reduce and cut out the budget deficit, and cater to the desired liquidity to attain economic growth through the innovative reforms package.

READ ALSO: How much will it cost to hire expats over Saudis from now on?

This budget also overcame the worst scenarios, revealing the seriousness and purposefulness of Saudi Arabia in their economic reform plans, in a way that prevents erosion in the overseas assets of the Kingdom.

According to the program announced by the Government, there will be no retroactive decisions and no income taxes on citizens or on the private sector.

READ ENTIRE REPORT OF SAUDI BUDGET 2017

*This article was originally published in Arabic on AlArabiya.net.

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Last Update: Saturday, 24 December 2016 KSA 17:28 - GMT 14:28
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Six reasons why Saudi budget 2017 is ‘exceptional’
The new budget has been calibrated to support Saudi citizens in a fair manner, where each citizen will receive the support he or she needs
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