The Governor of the Saudi Arabian Monetary Agency (SAMA), Dr. Muhammad Al-Jasser, has welcomed the government's budget, saying it will boost economic growth. “Undoubtedly, the huge figures in the budgets over the last two years, is evidence of the confidence the leadership has in the outcomes of the economy and its ability to accommodate more, despite the shrinkage being witnessed in the global economy.” Al-Jasser said this confidence stems from judicious policy decisions. This had ensured the country was able to withstand the recent global financial turbulence, and had resulted in stability and growth in the domestic economy. “Those who analyze the budget will find, especially in the spending allocations, an ambition to continue the march of economic growth, as it relates to developing skills and supporting the necessary [building of] infrastructure.” He stressed that the Saudi economy was one of the few economies, in the G-20 group of countries, that had not suffered from a fall in growth during 2009. “If we exclude the petroleum sector, which is subject to external factors, we will find the growth of the local economy was characterized by vitality. Direct government spending has been supported by huge indirect government spending, like the [investments] made by Saudi Aramco in the local economy, the payments by the retirement and social insurance funds, and the huge loans from the government financing institutions.” “Therefore, the biggest challenge facing government agencies is not the volume of spending, but how to achieve effectiveness and quality in spending, that would realize the ambitions and directives of the leadership,” he said. Education budget will boost Saudization The allocation for education and training in the new budget will boost Saudization and result in a reduced reliance on foreign expertise. This is the view of Muhammad Bin Ali Al-Fayez, the Minister of Civil Service, after the budget was announced by the King. He said that support for education and training programs at all levels will ensure this country relies less on foreign skills in the future. Al-Fayez said this would provide more jobs for men and women citizens in the public, civil, military and private sectors. These sectors still require many skilled Saudi citizens. The SR137.6 billion allocated to education and training will empower Saudi citizens with skills needed in the economy, he said. The budget was ambitious and comprehensive and will be a “serious and effective tool” to realize the vision of the Kingdom's leaders and to contribute to the development of all the country's regions. The budget will boost the prosperity of citizens and will ensure better services are provided - in the areas of health, social services, municipal services and loans, he said.
