Al-Jadaan: The financial control system enhances spending efficiency and Vision 2030
Saudi Finance Minister, Mr. Mohammed bin Abdullah Al-Jadaan, affirmed that the issuance of the new Financial Control System represents a pivotal milestone reflecting a fundamental shift in the methodology of oversight work within the Kingdom, noting that this system elevates the legislative framework for financial work in government agencies by adopting a more flexible and comprehensive model that prioritizes empowerment and the protection of public funds instead of being satisfied with the traditional role of oversight.
This came during the Minister's speech at the "Financial Oversight Forum" held today (Sunday), where he explained that the new system was designed to keep pace with rapid changes, directly contributing to enhancing technical oversight. Al-Jadaan pointed to the importance of maximizing the use of advanced government financial systems and large databases, which supports the concept of "continuous oversight" and contributes to the early detection of financial risks and their efficient handling before they escalate.
A key pillar of Vision 2030
In further detailing the significance of this event, the new financial oversight system is an integral part of the structural economic reforms underway in Saudi Arabia to achieve the goals of Vision 2030. Public financial management and oversight are a cornerstone of the fiscal sustainability program, which aims to enhance the efficiency of government spending and direct resources toward development projects with tangible economic and social impact. The shift from traditional post-audit oversight to proactive oversight models strengthens investor confidence and underscores the Kingdom's commitment to international standards of transparency and governance.
Digital and financial transformation
The minister's remarks about "technical oversight" reflect the significant progress the Ministry of Finance has made in automating financial processes through platforms like "Etimad," and the shift towards applying International Public Sector Accounting Standards (IPSAS) (the transition to accrual accounting). This digital infrastructure provides a fertile environment for implementing the new oversight system, as accurate data enables decision-makers to engage in sound financial planning and real-time performance monitoring.
Integration of roles with the General Auditing Bureau
Al-Jadaan concluded his remarks by praising the pivotal role played by the General Auditing Bureau, emphasizing its exceptional professional efforts in developing oversight practices. He stressed that the relationship between the Ministry of Finance and the Bureau is complementary, aiming to enhance fiscal discipline and ensure the efficiency and sustainability of public spending, which positively impacts the quality of services provided to citizens and residents.
