Saudi Crown Prince: Kingdom keen on structural, economic reforms continuation

RIYADH, Dec 6 (KUNA) - Saudi Crown Prince and Prime Minister Mohammad bin Salman Al-Saud affirmed the Kingdom's keenness to implement structural reforms in the financial and economic sectors, as well as accelerate the rate of sustainable economic growth by Vision 2030.

Saudi Crown Prince and Prime Minister Mohammad bin Salman Al-Saud.

Prince Mohammad also stressed the government's commitment to enhancing economic growth through the expansion of government spending, pointing out that the figures of the budget announced by King Salman bin Abdulaziz support and enable several programs and initiatives including investments to strengthen infrastructure, raise the quality of services provided to citizens, residents and visitors, said Saudi Press Agency.
The budget supports developing promising economic sectors, enhancing investment attraction, stimulating industries, and raising the proportion of local content and non-oil Saudi exports, praising the effective and vital role of the Public Investment Fund (PIF) and the National Development Fund, Prince Mohammad added.
The Saudi Crown Prince also stressed the continuation of work to develop the Kingdom's public financial performance by increasing financial capacity and building government reserves in a way that enhances the capacity of the Kingdom's economy, maintains sustainable levels of public debt, and enables it to address any developments or crises that may arise in the future.
Furthermore, Prince Mohammad emphasized the imperative of fostering and strengthening partnerships with the private sector to facilitate and encourage its participation in driving economic diversification. This initiative aims to bolster the labor market by accommodating a larger Saudi workforce, creating employment opportunities, and reducing unemployment rates, considering the recent increase to 2.3 million Saudis in the labor force.
He highlighted the ongoing journey toward economic diversification, particularly in supporting promising sectors. The Kingdom aims to elevate tourism targets to 150 million visitors, domestically and internationally, by 2030. Additionally, efforts are directed towards fortifying the sports sector through the Sports Clubs Investment and Privatization Project to align with the objectives outlined in the Saudi Vision 2030, leveraging the accelerated growth and diverse opportunities in these sectors. (end) kns.aa.