Saudi Arabia’s Council of Economic and Development Affairs Holds Virtual Meeting to Discuss Financial Performance and Global Developments
The Saudi Council of Economic and Development Affairs (CEDA) recently convened a virtual meeting to discuss financial performance, global developments, and strategies for improving public sector contributions. This gathering was part of the council’s ongoing efforts to achieve the ambitious objectives outlined in Saudi Vision 2030.
Operating under the Council of Ministers, CEDA oversees the governance framework, mechanisms, and policies essential to achieving Saudi Vision 2030
As a critical component of the Saudi government’s economic development strategy, CEDA plays a pivotal role in shaping the country’s economic landscape. Under its purview are key domestic sectors such as health, labor, education, and Islamic affairs. By ensuring that these sectors function efficiently and effectively, CEDA is instrumental in driving progress toward Vision 2030’s goals.
Quarterly Economic Report from the Ministry of Economy and Planning
The virtual meeting on March 15 featured an in-depth discussion of the quarterly economic report prepared by the Ministry of Economy and Planning (MEP). According to reports, this comprehensive analysis delves into the drivers and challenges affecting national economic growth across various sectors. The MEP’s report also proposes solutions to address these challenges, further underscoring its commitment to supporting Vision 2030’s objectives.
Saudi Arabia’s Strong Economic Performance in 2024
The Saudi Press Agency (SPA) reported that the MEP’s quarterly economic report highlights the Kingdom’s impressive economic performance during the third and fourth quarters of 2024. This performance is attributed, in part, to projections from both local and international institutions. These projections indicate a sustained period of growth, which is likely to have significant implications for the country’s economic development.
Fourth-Quarter Budget Performance Report for 2024
CEDA also reviewed the Ministry of Finance’s (MOF) fourth-quarter budget performance report for the 2024 fiscal year. The report provides an overview of total expenditures, which reached SR1.37 trillion ($365.3 billion). This represents a notable increase of 6 percent compared to the previous year. However, the budget deficit widened to SR115.63 billion – a 43 percent increase from 2023. As forecasted earlier, these numbers reflect the ongoing efforts of the Saudi government to rebalance its finances and align with Vision 2030’s objectives.
Notable Developments in Revenue, Expenditure, and Public Debt
The MOF’s report also highlights several key indicators related to revenue, expenditure, and public debt. Notably, non-oil revenues increased by 21 percent, reaching SR132 billion compared to SR109 billion during the same period of the previous year. This upward trend is largely attributed to government reforms and diversification efforts aimed at expanding non-oil sectors.
Government Support for Development and Service Projects
According to the SPA, the report underscores the Kingdom’s continued support for development and service projects. These initiatives are designed to enhance social welfare and protection systems, aligning with Vision 2030’s aim to expand non-oil sectors and improve living standards.
Saudi Arabia’s Participation in the 2025 World Economic Forum
The virtual meeting also touched on Saudi Arabia’s upcoming participation in the 2025 World Economic Forum (WEF) in Davos. This event will provide a platform for the Kingdom to further its strategic objectives, emphasizing its rising role among the world’s leading economies.
Policies and Administrative Frameworks Under Review
CEDA reviewed presentations from various organizations, including the Supreme National Investment Committee (SNIC), which outlined guiding principles for green investments. These principles aim to encourage sustainable growth while mitigating environmental risks. Additionally, the Ministry of Media presented its organizational structure and regulations.
Data on Import Substitution, Consumer Price Index, and Wholesale Price Index
The General Authority for Statistics provided data on import substitution indicators, highlighting significant progress in reducing reliance on foreign goods. The report also covered the Consumer Price Index (CPI) and the Wholesale Price Index (WPI), offering valuable insights into the Kingdom’s economic performance.
2024 Monthly Foreign Trade Report
CEDA reviewed the 2024 Monthly Foreign Trade Report, which provides an overview of the Kingdom’s international trade transactions during the specified period. This report is crucial for understanding Saudi Arabia’s economic interactions with other countries and its role within the global economy.
Meeting Concludes with Decisions and Recommendations
The virtual meeting concluded with CEDA issuing decisions and recommendations on the discussed matters. These outcomes will guide future policy initiatives, further solidifying the Kingdom’s commitment to Vision 2030’s ambitious objectives.