Saudi Gazette report

RIYADH — Crown Prince and Prime Minister Mohammed bin Salman said that the 2025 budget underscores the government’s ongoing efforts to implement regulatory and structural reforms and improve living standards. "It includes a medium-term debt strategy to sustain public debt, diversify funding sources, and access global debt markets," he said in a statement following the approval of Saudi Arabia’s 2025 budget on Tuesday.

The Crown Prince emphasized Saudi Arabia’s vital role in achieving regional and global economic and financial stability, backed by a resilient economy capable of overcoming challenges. He highlighted Saudi Arabia's achievements at local, regional, and international levels.

The Crown Prince noted that the 2025 budget underscores the government’s ongoing efforts to implement regulatory and structural reforms and improve living standards. It includes a medium-term debt strategy to sustain public debt, diversify funding sources, and access global debt markets.

He noted that the Kingdom’s strong financial position and success in overcoming global economic challenges reflect its high global standing and the continued progress towards the goals of Vision 2030.

The Crown Prince, who is also chairman of the Council for Economic and Development Affairs, emphasized that the 2025 budget reaffirms the government’s commitment to elevating the nation, benefiting citizens, and building on the achievements made under the guidance of Custodian of the Two Holy Mosques King Salman and the efforts of Saudi citizens.

He underscored the role of government spending in diversifying the economy by empowering promising sectors, attracting investments, boosting industries, and increasing local content and non-oil exports.

Saudi Arabia is projected to record the second-fastest GDP growth among major global economies in 2025, at 4.6 percent. Non-oil activities reached a record-high contribution of 52 percent in 2024, and unemployment among Saudis fell to a historic low of 7.1 percent, close to the Vision 2030 target of 7 percent. Women’s workforce participation reached 35.4 percent, surpassing the Vision 2030 target of 30 percent, while net foreign direct investment inflows stood at SR21.2 billion in the first half of 2024.

The Crown Prince reaffirmed the pivotal role of the Public Investment Fund (PIF), the National Development Fund (NDF), and their subsidiaries in supporting economic stability and driving comprehensive development. These entities are vital for diversifying the economy and achieving Vision 2030 goals.

He also highlighted the government’s commitment to maintaining sustainable public debt levels, significant reserves, and a flexible spending policy to navigate global economic fluctuations. Financial reforms have positively impacted Saudi Arabia’s credit ratings, reflecting sound fiscal policies aimed at financial sustainability and efficient planning.

The Crown Prince stressed the government’s focus on transformative spending to support economic growth while ensuring financial sustainability. The private sector is being empowered as the primary driver of economic growth through a conducive investment environment and support for small and medium-sized enterprises (SMEs). The government also remains dedicated to improving infrastructure, enhancing the quality of services, and sustaining projects with economic and social returns.

The Crown Prince also affirmed that Saudi Arabia follows a clear and focused path, with the primary goal of the government — under King Salman’s leadership — being to serve citizens and expatriates, safeguard developmental achievements, and continue humanitarian efforts domestically and internationally. He expressed confidence in the capabilities of Saudi citizens, whose innovation and contributions are pivotal in achieving Vision 2030, fostering a vibrant society, a thriving economy, and an ambitious nation.