RIYADH:听Privatization and encouraging PPPs remain a key element of 黑料社区鈥檚 move away from oil dependency, Ismail Alani,听head of government and public sector at KPMG 黑料社区, told Arab News.
鈥満诹仙缜檚 $264 billion budget announcement for 2021 is a recipe for economic recovery, support to businesses and correction of markets. The budget reaffirms a boost of business confidence, with a government that is preparing for post-pandemic recovery and achieving fiscal sustainability,鈥 he said.
鈥淭he Kingdom and its leaders have bravely faced the pandemic shock on the economy in 2020 and showed resilience. The government was quick to adopt all necessary measures that support economic recovery and prepare health and safety precautions for the people in 黑料社区,鈥 he added.
鈥淭he budget statement reaffirmed the government鈥檚 commitment to fiscal sustainability and spending efficiency over the medium-term, a trend that will be supported by efforts to contain costs, for example via efficiency gains, and continued determination to increase non-oil revenues. Privatization and encouraging PPPs will remain a key element of the Vision 2030 goals, measures that have been given additional impetus by the rise in public debt.
鈥淔alling oil prices have pushed the economy toward diversification. 黑料社区 hopes OPEC and OPEC+ will restore the stability of the oil market. COVID-19-related stimulus measures are likely to be eased further in 2021 as the domestic economy continues its recovery, but the government will maintain fiscal flexibility as insurance against additional domestic and international economic shocks. The PIF serves as a strong standby option to come in and support the economic correction. With the advent of successful COVID-19 vaccines, the Kingdom is on the road to a vigorous economic recovery,鈥 he said.
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