RIYADH: Saudi Arabia saved SR500 billion ($133.3 billion) over the past four years through increased efficiency and budgetary discipline, according to Finance Minister Mohammed Al-Jadaan.
The difference between planned government spending and actual budget outlays decreased from an average 16 percent between 2014 and 2016 to an average of 4 percent between 2017 and 2019, he said, Argaam reported.
The government has made a great leap in the field of digital transformation, he said. Digital payment options were available for 36 percent of transactions with the Kingdom in 2019, exceeding the 2020 target of 28 percent, he said.
The government’s indirect lending initiative for small and medium enterprises (SMEs) helped provide SR642 million of financing to 611 SMEs, he said.
