Our Vision
To become a pioneering Ministry that positions the Kingdom of Saudi Arabia among the world's 15-largest economies by 2030 through an exemplary financial system.
Our Mission
To develop effective financial policies, manage financial resources, and achieve stability, economic growth, fiscal sustainability, increased spending efficiency, and strong partnerships with the private sector through effective governance. Furthermore, we aim to exert regional and international influence in the financial community.
Our Values
Transparency
We uphold transparency in our dealings, communications, and knowledge exchange as an inherent value that enhances our credibility.
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Partnership
Recognizing the importance of our role, we strive to serve our partners, meet their needs, and help them achieve their goals.
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Achievement
Achievement is our hallmark—representing evidence of our culture of excellence—and we strive to accomplish our goals with precision and diligence.
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Strategic Pillars
Develop sustainable fiscal policies
To respond to the growing development requirements in Saudi Arabia in light of fluctuating oil revenues, MOF is aiming to shift from focusing on transactions to focusing on managing and developing sustainable fiscal policies, which will allow controlling government spending and enhancing the sustainability of revenues, while working to develop an effective approach for managing debts and financial risks.
Enable effective financial resources allocation
To support the formulation and implementation of financial policies in line with national priorities, MOF is aiming to enhance government capabilities in financial planning and allocate financial resources effectively. This can be achieved via building an advanced budgeting system, implementing effective cash management, and improving the government procurement law.
Enhance quality of financial accounts and improve transparency
To ensure effective financial planning, MOF is aiming to enhance the quality of financial information underpinning such planning. This can be achieved by establishing a clear accrual-based government accounting system.
Optimal utilization of government assets
To make optimal use of state-owned assets, MOF is aiming to register and archive them electronically, as well as establish a framework for forecasting their revenues by setting objectives and guidelines. Additionally, to maximize the revenues of these assets and manage them effectively, MOF is aiming to enable the private sector to utilize part of these assets under various frameworks of PPPs, which MOF will take part in developing.
Promote Saudi Arabia’s position regionally and internationally
To transform Saudi Arabia’s role from being subject to international policies to an influencer of such policies, and given the crucial role played by the Ministry of Finance in representing the government in numerous regional and international organizations, MOF is aiming to develop a robust strategy to enhance its international presence and increase effective participation, especially in financial institutions. Additionally, it aims to enhance partnerships with external partners to provide advice and supportive opinions to the government.
Enablers
Enabling MOF’s digital transformation
In order to achieve faster, more secure, and accurate results, MOF is aiming to activate its digital strategy and empower its digital capabilities, as well as build a data and analytics strategy that informs all aspects of its decision making and supports other government entities.
Qualifying human resources within a productive environment
Activating the current MOF strategy depends mainly on the efficiency and effectiveness of its human resources. Accordingly, MOF is aiming to empower them by developing effective programs for capacity building and performance assessment, while creating an appropriate structure that promotes increased productivity.
Promoting change and communication management
In order for MOF's transformation to succeed and achieve its desired outcomes, MOF is working on its internal change management and transition to an open and performance-based culture. Furthermore, MOF is aiming to improve its external communication with all stakeholders to be a success factor for this transformation.
Alignment of the Ministry's Strategy with the Sustainable Development Goals
Saudi Arabia is heading towards expanding strategic spending on sectors and economic regions, accelerating the completion of projects aimed at diversifying the economic base to become more sustainable, while maximizing economic, social, and environmental returns and gains. Additionally, there is a focus on enhancing the quality of services provided to citizens and empowering them through the social services system, all while maintaining financial sustainability over the medium- and long-term.
The Ministry of Finance is a key enabler for other government entities to achieve national and developmental goals. It positions itself as a partner for all other government entities in achieving various development goals.
Therefore, the Ministry has worked through its strategy to enable contributions to financial sustainability and ensure the achievement of all targets. This includes working on developing financial policies, enhancing and diversifying revenue sources to fund public expenditures, developing methodologies and tools for preparing and implementing the state's general budget in line with the best global standards, as well as improving the process of managing government contracts.
The following are the key initiatives:• Initiative to develop the medium-term public finance framework.
• Comprehensive financial policy framework initiative.
• Initiative to develop the budgeting process.
• Medium-term financial planning initiative.
• Initiative to improve cash management and apply the state's unified treasury account.
• Initiative to transition to accrual-based accounting and build the state's financial position.
• Financial risk management framework application project.
• Project to improve and deploy the technical system for preparing and implementing budgets in government entities.
• State revenues system project and the executive regulations for the state revenue system.
• Creation of operational mechanisms for corporate incentive requests and issuing reports.
• National tax framework project.
The roles and responsibilities of the Ministry, along with its strategy, are in harmony with the objectives of Vision 2030, and contribute effectively to achieving them through a number of tasks related to these goals.
Objective: Achieving Public Budget Balance• Achieving balance in the budget effectively and efficiently.
• Committing to efficient spending.
• Diversifying, and maximizing returns from, non-oil revenue sources.
• Strengthening the role of the debt market.
Objective: Improving Government Performance• Enhancing the governance of e-services.
• Designing a performance management system.
Objective: Effective Engagement with Citizens• Setting and implementing high standards for accountability and responsibility.
• Adopting international standards and leading administrative practices.
• Participating in improving service quality (e.g., simplifying the organization and diversifying communication channels).
Objective: Increasing the Private Sector's Contribution to the Economy• Generating new and diverse revenue through privatization.
• Strengthening public-private partnerships.
• Enhancing the role of small- and medium-sized enterprises in GDP.
Objective: Deepening the Integration of the Saudi Economy in the Regional and Global Systems• Effectively influencing global financial policies.
• Leading in external strategic ventures.
MOF Policies: