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Kingdom of Saudi Arabia Fiscal Balance Program

Ministry of Finance 2019 Present

DevTech was contracted to assess, evaluate, provide quantitative macroeconomic and fiscal sustainability modeling, and propose reforms to the Kingdom of Saudi Arabia’s (KSA) Fiscal Balance Program. The Fiscal Balance Program is one of Saudi Arabia’s Vision 2030 Vision Realization Programs (VRP). It seeks to support the broad modernization and economic diversification effort laid out by Vision 2030. The Fiscal Balance Program is pivotal as it stands as the framework that helps guide fiscal policy in the Kingdom, striving to balance strategic investment needs with fiscal prudence. DevTech delivered a three-volume assessment and set of recommendations to manage the Kingdom’s oil wealth intergenerationally, manage the cyclical impact of oil price volatility on the real economy, manage the risks from the Kingdom’s high concentration of a single commodity export (oil), and create mechanisms that help identify and implement feasible investment strategies deliver value for the Kingdom and sustain long-term growth, including in the non-oil sector, a principal objective of Vision 2030. This work included comprehensive reviews of the Kingdom’s public financial management systems and institutions, its fiscal framework, development of fiscal rules, and a fiscal policy governance framework.