The sessions of the Budget 2030 Forum, being organized by the Ministry of Finance, have started at King Abdullah Petroleum Studies and Research Center (KAPSARC) with the participation of a number of senior officials. Minister of Finance Mohammed Al-Jadaan; Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim, and Chairman of the Board of Directors of Saudi National Bank Ammar Al-Khudairy participated in the first session, titled "Financial Sustainability and Engines of Economic Growth". During his participation in the session, Minister of Finance Mohammed bin Abdullah Al-Jadaan affirmed that the budget journey began with the financial balance program, adding there were significant challenges because the deficit reached 15% of the budget's financial domestic product five years ago. He asserted that "we withdrew more than SAR 1 trillion over a number of years." The minister stated that the objective of the fiscal balance was to achieve zero deficit, which was accomplished with a surplus because structural reforms were implemented over the course of the five years. He added that non-oil revenues initially covered only 10% of the expenditures, but by the end of 2021 they had covered 40% of them, demonstrating the danger of relying on a variable source of income, which had previously resulted in deficits. Minister Al-Jadaan stated that the transition from the financial balance phase program to the financial sustainability program has occurred, which is planned for a period of three years and may be extended to ten years because it includes many programs and plans, including the Kingdom's Vision 2030, indicating that expenditure has been based on strategies rather than the ministry's request from the authorities without putting forward an agreed strategy. Al-Jadaan continued, "The citizen is the main element, and the work that has been done over the years has helped improve services for citizens, upgrade their effectiveness, and upgrade the revenue of the riyal as well. There has also been great interest and keenness from the government in light of the fluctuations that have occurred, such as the COVID-19 pandemic and the Russia and Ukraine crisis, which have led to a shortage of supplies. In turn, Faisal bin Fadel Al-Ibrahim, Minister of Economy and Planning, asserted that "the citizen is the key factor of the transformation that we are witnessing today. The purpose of the Kingdom's Vision 2030 is to provide opportunities for citizens, so we cannot achieve these goals without empowering the citizen," indicating that the Kingdom and its economy are intertwined with the system of the world economy. For his part, Chairman of the Board of Directors of Saudi National Bank Ammar Alkhudairy, said that when compared to the growth rates in the Kingdom with the G20 countries, 2022 were exceptional gains made in the previous year. He emphasized that these numbers are undoubtedly exceptional and have not been seen in a very long time.
