Custodian of the Two Holy Mosques King Salman delivering his budget speech on Monday. (SPA)

Custodian of the Two Holy Mosques King Salman approved the country’s budget for the year on Monday, which promised completion of projects from previous years, but with future spending taking into account the need to diversify and reform the economy resulting from revenue losses caused by the massive drop in oil prices.

The king approved the budget at a Cabinet meeting he chaired at Al-Yamamah Palace in Riyadh, saying the expenditure plans this year also comes in the wake of regional challenges, lack of stability in neighboring nations and slow global economic growth.

“Our economy has the potential and capability to meet the challenges,” said the king.

“We direct officials to take this into consideration and prioritize the completion of projects approved in previous budgets, many of which have been under execution.”

King Salman said the nation must be grateful to Allah Almighty for what the country has achieved in terms of development over the years, and that the economy was strong enough to face current challenges.

He said the Council of Economic and Development Affairs has been tasked with launching a “comprehensive economic, financial and structural reform program …”

This budget “represents the beginning of an integrated and comprehensive program” to diversify income, improve savings, create jobs, ensure public-private ventures are strengthened, and boost service delivery for citizens, he said.

King Salman said it was important to raise the efficiency of public spending, cut down on wastage, review the government’s support system taking into account the impact on low- and middle-income earners, and the competitiveness of the business sector.

He said officials have also been directed to ensure that there is balanced spending between regions, to ensure equal development.

In addition, they have been urged to fulfill their tasks as public servants, including protecting the nation’s resources, and making sure the negligent are held accountable.

He said it was everyone’s responsibility to make sure that the country continues to be secure, stable and enjoy further economic growth.

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