Saudi Arabia Completes Fiscal Sustainability Program, Boosts Vision 2030

The Council of Economic and Development Affairs has successfully completed the executive plan for the Fiscal Sustainability Program, marking one of the most significant milestones under Saudi Vision 2030. Announced via the Saudi Press Agency on February 6, 2025, the program—originally launched in 2016 as the Fiscal Balance Program—encompasses a series of financial reforms aimed at ensuring long-term fiscal and economic sustainability for the Kingdom of Saudi Arabia.

Context and Background

The Fiscal Sustainability Program was designed to establish a balanced and robust financial system capable of adapting to economic changes. By integrating its initiatives into the core operations of the Ministry of Finance and other government entities, the program has strengthened Saudi Arabia’s fiscal position, making it more resilient in facing challenges. This achievement supports the broader objectives of Vision 2030, which seeks to diversify the economy and reduce dependence on oil revenues.

Key Details

The program’s completion has improved spending efficiency, boosted revenues, and enhanced financial planning capabilities. Non-oil revenues rose from SAR186 billion in 2016 to SAR458 billion in 2023—a growth rate of approximately 146%. The share of non-oil revenues covering total spending increased from 22% to 35% over the same period. Additionally, the program contributed to the establishment of key entities such as the Expenditure and Project Efficiency Authority (EXPRO) and the Government Projects Authority, which together achieved an annual financial impact of approximately SAR114 billion and a total financial impact of SAR687 billion from 2018 to 2023. The National Debt Management Center and the Non-Oil Revenue Development Center played crucial roles in managing debt and diversifying revenue sources.

Implications and Impact

The successful execution of the Fiscal Sustainability Program has prepared public finances for structural reforms under Vision 2030. By advancing initiatives such as the transition to accrual accounting, the unified treasury account, and the automation of government financial systems via the Etimad platform, the program has enhanced transparency and efficiency. The Citizen’s Account program, which provides targeted support, will continue even after the program’s completion. These measures strengthen Saudi Arabia’s fiscal position and equip the government to pursue major development projects.

20 Questions

Q1. What is the Fiscal Sustainability Program?

A1. The Fiscal Sustainability Program is a set of financial reforms launched in 2016 as part of Saudi Vision 2030, aimed at ensuring long-term fiscal and economic sustainability.

Q2. Who announced the completion of the program’s executive plan?

A2. The Council of Economic and Development Affairs announced the completion via the Saudi Press Agency on February 6, 2025.

Q3. What was the program previously called?

A3. It was formerly known as the Fiscal Balance Program before being renamed to the Fiscal Sustainability Program.

Q4. How has the program affected non-oil revenues?

A4. Non-oil revenues increased from SAR186 billion in 2016 to SAR458 billion in 2023, a growth rate of about 146%.

Q5. What was the share of non-oil revenues covering total spending in 2023?

A5. Non-oil revenues covered 35% of total spending in 2023, up from 22% in 2016.

Q6. Which entities were established under the program?

A6. The program helped establish the Expenditure and Project Efficiency Authority (EXPRO) and the Government Projects Authority.

Q7. What financial impact did EXPRO and the Government Projects Authority achieve?

A7. They achieved an annual financial impact of approximately SAR114 billion and a total financial impact of SAR687 billion from 2018 to 2023.

Q8. What role did the National Debt Management Center play?

A8. The center played a key role in accessing debt markets and managing the government’s debt portfolio.

Q9. How did the program improve financial planning?

A9. It introduced data analysis initiatives, electronic solutions, and automation of government financial systems like the Etimad platform.

Q10. What is the Etimad platform?

A10. It is an electronic platform that automates government financial systems, enhancing transparency and efficiency.

Q11. Did the program help transition to accrual accounting?

A11. Yes, it paved the way for transitioning to accrual accounting and a unified treasury account for the state.

Q12. What is the Citizen’s Account program?

A12. It is a government support mechanism that provides targeted financial assistance to eligible citizens, which will continue after the program’s completion.

Q13. How does this program align with Vision 2030?

A13. It supports Vision 2030 by diversifying revenue sources, improving spending efficiency, and strengthening fiscal sustainability.

Q14. Is the Fiscal Sustainability Program the first realization program of Vision 2030?

A14. No, it is the second program launched after the National Transformation Program (NTP).

Q15. What is the significance of completing the executive plan?

A15. It marks a major milestone, demonstrating progress in financial reforms and setting the stage for further development under Vision 2030.

Q16. How has the program strengthened the Saudi economy?

A16. By improving spending efficiency, boosting non-oil revenues, and enhancing financial planning, it has made the economy more resilient.

Q17. What does the program’s completion enable for the future?

A17. It allows for enlightened decisions regarding the Kingdom’s development endeavor and supports ongoing Vision 2030 projects.

Q18. Which ministry’s operations were integrated with the program?

A18. The Ministry of Finance and various other government entities integrated the program’s initiatives into their core operations.

Q19. What was the total financial impact from improved spending efficiency?

A19. The total financial impact from improved spending efficiency was SAR687 billion from 2018 to 2023.

Q20. How does the program reduce reliance on oil revenues?

A20. By diversifying and increasing non-oil revenues through policies and initiatives, it decreases dependence on oil income.

Vision 2030 Alignment

The completion of the Fiscal Sustainability Program’s executive plan directly advances Saudi Arabia’s Vision 2030 by establishing a more diversified, resilient, and transparent fiscal framework. As one of the realization programs, it lays the groundwork for future economic reforms, enabling the Kingdom to pursue sustainable growth, enhance the quality of life for its citizens, and strengthen its position as a global investment powerhouse.

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