SubSite Banner


  Finance Assistant Minister for Financial Technical Affairs Participates in the Eastern Economic Forum 2017 21/02/1439

HE Mr. Hindi bin Abdullah Al-Suhaimi, Assistant Minister of Finance for Technical and Financial Affairs, participated in the Eastern Economic Forum 2017, under the patronage of His Royal Highness Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Region, organized by Al-Sharqia Chamber of Commerce and entitled "Partners in the Vision of Tomorrow" 
HE Mr. Al-Suhaimi spoke, during the second session of the forum, about the Prospects of the Sustainability of the Construction Industry, stressing that the Ministry is working to support the private sector by launching and activating electronic services to make easy the due payment procedures, for this important sector. And to work with government bodies to speed up those receivables.  Nonetheless, the Ministry is going to pay the due payments within 60 days of receipt of Payment orders, after fulfilling their legal conditions, He also pointed out that the payment orders service can be access through a unified digital portal that enables government bodies to effectively manage their financial resources, thus contributing to the payment of private sector receivables to these entities through entering  payment orders for companies and individuals, and approving them electronically without the need for paper transactions. 
During the session, HE discussed the Ministry's strategy and the role, that the services of the payment orders and other services, played for enhancing communication between the Ministry, government bodies and the private sector, stressing that the Ministry has made the utmost priority for  this valuable work through setting up mechanisms and launching services that contribute to process this work.  He goes on to points out that any entity in the public or private sector may communicate with the Ministry through these electronics facilities which have easy access, simple confidential  and reliable , pointing out that the launching of the financial claims service, as a complementary  to the service of payment orders,  which is an electronic service aimed at collecting all the financial claims of suppliers, contractors, and reviewing them with government bodies to facilitate the payment process, This comes as part of the efforts of the financial system to automate all government services to achieve the objectives of Vision 2030.
The Assistant Minister of Finance for Financial Technical Affairs also discussed the development of the budget preparation procedures. He pointed out that the Ministry of Finance held in the middle of this year workshops to discuss the preparation of the general budget for the year 1438/1439 H (2018) in the presence of representatives of Ministries and government bodies. The aim was to achieve the financial governance, financial disclosure, transparency of financial requirements and prioritization of expenditure, indicating that spending ceilings have been set in line with what has been announced in the Financial Balance Program Document. The budget preparation process is going through three major phases over the next three years. In the first stage, immediate reforms of the budget preparation program will be undertaken. The second one will be to improve the review of government spending. The third one is to have the highest level of commitment, transparency and participation to achieve the fiscal balance program within the vision of the Kingdom 2030 .

Last Update : 11/14/2017 11:37 AM