SAMA's Governor, Dr. Fahad Almubarak, has stated that the national budget for FY 1437/1438H (2016) reinforces continued balanced and prudent economic and development policies adopted by the government, under the directives of the Custodian of the Two Holy Mosques, King Salman Bin Abdul Aziz, that aim at striking a balance between various economic resources and spending on developmental projects and development of the national economy's infrastructures according to their importance and timetables. The budget for the coming fiscal year is characterized by its consistency with the new approach towards diversification of income sources, increasing the efficiency of public spending and restructuring government subsidy schemes in a way that will maximize the optimal use of resources. Current developments prove that the Kingdom has drawn on its experiences in managing its public finance efficiently during cycles witnessed by the global oil markets. The Kingdom has availed itself of the surpluses of the preceding years in servicing its public debt to a very low level. This has been accompanied by continued build-up of financial revenues that have been sufficient to cope with such a plunge in oil revenues, apart from huge spending on development projects and the Saudi human capital. The budget for this year focuses on continued generous spending on vital sectors that are of concern to citizens, such as education, health, infrastructure and human resources. It also focuses on projects that would further serve and develop the private sector.

                        Almubarak has stressed that the financial and banking sector will remain supportive of the economic and social development in various activities throughout the Kingdom thanks to the financial soundness of local banks and their developed modern services that will meet finance needs of various sectors. This is evident by continued domestic liquidity growth at rates appropriate to the economic growth in light of fixed monetary policy and stable exchange rate and general price level in the domestic market.