News 24 | Al-Jadaan: Disbursing 568 billion riyals of payment orders through the Etimad platform within 15 days

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Mohammed Al-JadaanThe Minister of Finance, Muhammad Al-Jadaan, said that until the end of last August, the Ministry of Finance, through the digital credit platform, had received more than 623,000 payment orders, with a value of more than 575 billion riyals.

He explained that disbursement procedures amounting to approximately 568 billion riyals were completed within 15 days, a rate of more than 98% of the value of the payment orders received, adding that efforts to raise and rationalize spending efficiency contributed to achieving cost savings that exceeded 500 billion riyals during the past four years, until mid year 2021 AD.

Al-Jadaan stressed that the state’s public finance deficit levels were controlled from 15.8% in 2015 to 4.5% in 2019, expected to reach lower levels in the current year’s 2021 budget after the financial and economic effects of the Corona pandemic recede, as a result of initiatives to develop non-oil revenues.

He noted that the total number of companies and funds listed in the Saudi stock market increased by 7.6% to reach 213 companies, compared to 198 companies at the end of 2017, bringing the value of foreign investors’ ownership in the Saudi financial market by 195.9% to reach 208.3 billion riyals by the end of the year 2020.

He added that the volume of trading in the local secondary debt markets increased by more than 70 billion riyals last year, compared to 10 billion riyals in 2019, and the indirect lending initiative contributed to financing small and medium enterprises with amounts estimated at 642 million riyals to serve 611 small and medium enterprises.

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