Program for Preparing medium-term public finance framework
Weakness in financial planning and identifying budget forecasts leads to limited vision of the state financial position on the medium and long run. For this reason, the current financial policy plays a limited role in formulating determinants and trends of spending that shall be based on financial rules and according to financial policy and macroeconomic standards.
Program for Developing revenue policies
Currently, KSA significantly depends on oil revenues, leading to fluctuation of state revenues according to price movement up and down, and given that the most prominent objective of “2030 Vision” is diversifying sources of non-oil revenues, Non-Oil Revenues Development Unit has in the past three years led suggestion and application of updates to non-oil revenues and developing a roadmap until 2020. In line with the objectives of 2030 Vision, MOF shall adopt and contribute to growth of non-oil revenues within the current policy, and develop policies to diversify growth of non-oil revenues beyond 2020 to achieve KSA objectives and trends in diversifying sources of revenues.
Program for Maximizing financial revenues from GAZT
Revenues generated by GAZT are a key income source of KSA non-oil revenues. Given that KSA challenge is to diversify sources of income, GAZT will launch initiatives to increase non-oil revenues from Zakat and taxes.
Program for Maximizing government revenues from Saudi Customs Authority
Revenues generated by Saudi Customs Authority are a key income source of KSA non-oil revenues and given that KSA challenge is to diversify sources of income, Saudi Customs Authority will launch initiatives to increase non-oil revenues generated by Saudi Customs Authority.
Program for Developing debt policy and establishing Debt Management Office
Proceeding from trends of structural, economic and financial reforms included in Vision programs plan, with the aim to apply and realize KSA Vision 2030, and in line with MOF responsibility and mandate, this program seeks to secure KSA financing needs with the best possible costs in the short, medium and long run, so that risks are aligned with KSA financial policies.
Program for Capacity building for managing financial risks
Economic exchange and financial dealing always involve risks with varying and different degrees Therefore, MOF needs to possess advanced and suitable capacities for managing financial risks in a comprehensive and integrated manner, qualifying MOF to develop all effective studies and solutions to avoid and mitigate effects of financial risks
Program for Improving budgeting process
Budgeting process is one of the most important phases of budget application in the coming years. Given that MOF was not adopting a clear advanced standard methodology for preparing annual budgets, through which it can identify required critical data that helps evaluation of budget requests, which led to exaggeration of government agencies in budget requests, compared to objectives and works to be executed, and in line with MOF efforts to achieve Vision programs goals as well as objectives of “2030 Vision”, MOF will continue development of a budgeting mechanism in line with KSA economic trends and priorities.
Program for Improving budgeting implementation process
Poor control of government spending has led to ineffective spending, which contradicts KSA objectives and trends to improve efficiency and level of spending, therefore MOF and Spending Rationalization Office will review and control government spending, and compare actual spending and revenues against the determined spending and revenues according to approved budget, seeking to achieve KSA objectives
Program for Improving cash management and applying state treasury unified account
State treasury unified account is a key tool used by countries in many occasions to better manage cash transparently. The account is a unified structure of government banking accounts, allowing unification and optimal utilization of government cash resources It is necessary to apply this account state-wide, since there are various varying accounts opened with SAMA and commercial banks, where there is no unified clear vision about cash status.
Program for Improving Government Tenders and Procurement Law
There are a number of provisions in the current applicable law that do not keep abreast of the growth and changes in government projects and awarding and follow-up procedures. These provisions provide for awarding to the least-priced proposal, without even considering technical aspects and desired quality, therefore this program was established to review currently applicable Government Tenders and Procurement Law and its Implementing Regulations in order to achieve implementation of government projects and secure government procurement effectively and efficiently.
Program for Improving Government Accounting System and accounting auditing standards
Accounting system and accounting auditing play an important and effective role in financial control and material contribution to decision-making. Development of accounting system contributes to improving plans and forecasts through building an integrated vision about state assets and obligations.
Program for promoting management of state-owned assets
KSA aims to benefit from investing its resources to diversify economy and unlock promising potentials. Continued privatization of state-owned assets, including pioneering companies and other lands and assets would achieve additional and varying returns to the economy, and thereby increased resources.
Program for Developing framework of returns forecasts
There is no unified vision about government returns and obligations, given that there are unexploited opportunities to improve returns on state-owned assets and reserves, therefore the program aims to provide transparency over government financial returns through development of a framework for returns forecasts and mechanisms for taking investment decisions, which would contribute in turn to optimal utilization of assets and reserves, and empowering the state achieve the expected returns.
Program for Identifying returns forecasts and PPP opportunities
KSA faces PPP challenge, where there is no clear forecasts of returns on assets cost and added value, therefore focus must be placed on implementing PPP initiatives and identifying optimal opportunities for PPP and its conditions in legal, financial and technical frameworks that are in line with MOF policies and trends.
Program for Promoting international presence
In light of the role played by MOF in representing KSA in a number of regional and international financial organizations and institutions, MOF will continue promoting its effective international presence and participation in international financial organizations and institutions in coordination and cooperation with its external partners, in order to provide advice and supporting opinions, guiding the desired agenda.
Program for Digital transformation
In light of KSA journey to 2030 Vision, and national programs, including National Transformation Program, in order to adopt, support and apply transformation into e-transactions and digital transformation of services provided by government agencies, and seeking to activate this role, MOF desires to develop its digital transformation plan through launching an integrated program of applications, solutions, infrastructure, that will contribute in applying an integrated digital system
Program for Business Intelligence
Based on importance of information in supporting KSA trends in light of 2030 Vision and 2020 National Transformation Programs, and the huge role played by MOF as a key player in supporting decision-taking, accuracy of information and statistical reports is an important theme, and given that MOF possesses business intelligence system that works to employ state of art technology in use of accurate real-time information of high qualitative value, in relation to MOF sphere of business, and significantly reliable data obtained from various sources, and applying the experiences gained with the aim of improving and developing quality of decisions to be taken based on these information, thereby helping to take the right decision timely to be applied correctly and properly.
Program for Developing staff and attracting efficient qualified persons
MOF performance quality depends on human resources. Staff success radically impacts on the effective performance of assigned tasks. This requires significant efforts of effective training, development, monitoring and participation by the employer and the employer as well. MOF shall provide and create opportunities necessary to empower employee to continuous follow up and permanent access to everything that adds to his functional capabilities and acquiring new skills that help him to achieve excellence through ongoing professional training and courses of raising performance efficiency.
Program for MOF Restructuring
Restructuring is a well-considered change process of official relationships between official units in the department to increase and improve efficiency and effectiveness, remove barriers that reduce productivity, hinder movement of transformation and natural interaction between variables associated between the department, through making effective radical changes in situations, methods and prevailing administrative concepts to optimally improve managed and rationalized use of available and potential resources and increase efficiency, effectiveness and productivity in administrative units in MOF.
Program for Internal and External Communications Department
MOF Vision is based on a strategy that depends on material values, aiming to be a pioneering ministry empowering KSA to be listed among the top 15 economies around the world by 2030, through distinguished financial system. Strategic Communications and Information Agency shall play an important role for the benefit of MOF, by launching and representing its new identify internally and externally to reflect MOF efforts properly.
Program for Change Management
There is no doubt that the present era is one of rapid transformations and changes around the world, and MOF now witnesses mobility and dynamicity to shape its future desired by its wise leaders. Change management shall be a planned and meaningful process rather than an automatic spontaneous process responding to exogenous factors.
Program for Performance Management System Design
In continuation of efforts of transformation and achieving MOF vision and trends, VRO shall depend on a centralized system for tracking, reporting and monitoring in order to supervise the progress made. This system will comprise of digital dashboards and governance frameworks directly associated with KPIs, progress and achievements of projects, thereby increasing efficiency rate of achievements and addressing any slowdown or failures.