Launched in 2016, the Fiscal Sustainability Program (formerly named the Fiscal Balance Program) is creating a strong and adaptable financial system and implementing the necessary structural fiscal reforms to ensure Saudi Arabia's long-term economic sustainability and credibility of public finances. The Program has also successfully reduced the Kingdom's deficit ratio of GDP from 15.8% in 2015 to 2.3% in 2021, and implemented structural reforms that improve the budget and its implementation.
By building on the achievements of the Fiscal Sustainability Program and implementing fresh fiscal strategies to guarantee enduring fiscal resilience, the program is progressing to ensure that the annual budget is crafted with a deliberate and all-encompassing approach, considering the economic and fiscal terrain for the coming years. This degree of openness and revelation aids in fostering trust and confidence among citizens, enabling the Kingdom to make well-informed decisions regarding its financial future.
As a result of a boost in non-oil revenues, the Kingdom has made great strides towards achieving financial sustainability. These efforts are designed to improve the quality of financial planning, and help pave the way for a more stable and secure future for Saudi Arabia. This marks a significant turning point for the Kingdom, as it moves towards a new era of fiscal sustainability.