Saudi Arabia said Tuesday (May 2nd) that it will issue a quarterly budget progress report for the first time as part of efforts to boost transparency while diversifying its oil-dependent economy, AFP reported.
The world's biggest oil exporter is wooing investors as it tries to reduce budget deficits caused by a collapse in energy revenues.
"We will for the first time in Saudi announce, possibly in a couple of weeks or less, the first quarterly results of the budget," Finance Minister Mohammed al-Jadaan told the Euromoney Saudi Arabia Conference.
Under its Vision 2030 plan released last year, the kingdom aims to develop its industrial, investment and small-medium business base to employ more Saudis and reduce its reliance on oil revenue.
"The government made a clear commitment that they will increase the level of transparency," al-Jaadan said.
"They will submit to international laws on transparency" and respond to the needs of the private sector which requires timely data to make investment decisions, he said.
