JEDDAH: Saudi Arabia’s Council of Economic and Development Affairs hosted a virtual meeting to discuss financial performance and global developments, focusing on improving public sector contributions.
Operating under the Council of Ministers, CEDA oversees the governance framework, mechanisms, and policies essential to achieving Saudi Vision 2030. It addresses key domestic sectors, including health, labor, education, and Islamic affairs.
Held on March 15, the meeting covered a range of reports and topics, including the quarterly economic report from the Ministry of Economy and Planning.
According to the Saudi Press Agency, the report is “an in-depth analysis of the drivers and challenges affecting national economic growth across various sectors, along with proposed solutions.” It also highlighted Saudi Arabia’s strong economic performance in the third and fourth quarters of 2024, supported by projections from both local and international institutions.
CEDA also reviewed the Ministry of Finance’s fourth-quarter budget performance report for the 2024 fiscal year. The report noted that total expenditures reached SR1.37 trillion ($365.3 billion), reflecting a 6 percent annual rise, while the budget deficit widened to SR115.63 billion — a 43 percent increase from 2023, in line with previous forecasts.
The report outlined revenue, expenditure, and public debt indicators, noting a “21 percent increase in non-oil revenues, reaching SR132 billion, compared to SR109 billion during the same period of the previous year,” SPA said.
It credited government reforms and diversification efforts for driving growth, aligning with Saudi Vision 2030’s aim to expand non-oil sectors.
The report also underscored the Kingdom’s “continued support for development and service projects, as well as its commitment to enhancing social welfare and protection systems,” according to SPA.
The meeting further discussed Saudi Arabia’s upcoming participation in the 2025 World Economic Forum in Davos, emphasizing the Kingdom’s rising role among the world’s leading economies.
CEDA reviewed additional presentations on policies and administrative frameworks, including the Supreme National Investment Committee’s guiding principles for green investments and the Ministry of Media’s organizational structure and regulations.
The council also examined data from the General Authority for Statistics, covering import substitution indicators, the Consumer Price Index, and the Wholesale Price Index. It further reviewed the 2024 Monthly Foreign Trade Report.
The meeting concluded with CEDA issuing decisions and recommendations on the discussed matters.
Source: www.arabnews.com