To give the reader a general idea about the financial situation in Saudi Arabia, and the efforts of the Ministry of Finance to support it and install it, the following is the text of the Decree of 11 April 1374 - December 8, 1954, issuing the general budget of the Kingdom for the year 1374:
With the help of God:
We Saud bin Abdul Aziz The King of Saudi Arabia ...
After reviewing the statements of revenues and expenditures of the State for the financial year 1374 and based on what is presented by the Minister of Finance.
We command the following:
• State expenses for the fiscal year 1374 amounting to determine one billion and one hundred and forty-three million and ten thousand five hundred Riyal according to Attached statements.
• State revenues for the fiscal year 1374 set at one billion and one hundred and forty-three million and ten thousand five hundred riyals as per the attached statements.
• taken from the general reserve of the state in the amount of one hundred and eleven million nine hundred and eighty thousand five hundred riyals to cover the expenditure.
• the revenues are met in accordance with the regulations and instructions in force, all are paid to the Saudi Monetary Corporation and its subsidiaries for the account of the Ministry of Finance.
• acted in accordance with the budget and expenses associated instructions from the Saudi Monetary Agency.
• shall not transfer any amount from chapter to another except by us and only when necessary.
• referred to the general reserve of the state than in revenues and expenses is available from the decision in this budget.
• The Prime Minister ordered the enforcement of this needs to be communicated to those who work for the adoption of the reunder.
Saud
Presented by His Excellency Sheikh Mohammed Suroor Sabban, Minister of Finance and National Economy, this draft budget to His Majesty the King with a comprehensive report addressing the financial and economic affairs of the Kingdom of the important and productive projects Urban fruitful spotted her these credits and please for these projects from the immediate implementation under the guidance of His Majesty Semitism. The following is the text of that report:
The Ministry of Finance report text:
His Majesty the King Moulay holy God supported and kept him.
I have the honor notch to Your Majesty my highest esteem and veneration and after:Evger feared to the attention of Your Majesty the general budget of the crucial impact on the organization structure of the state and the coordination of resources and the generation of waste on vital projects, where the rising level and undermine the aspirations of the from a decent position in the ranks of civilized nations.
So it was budget preparation on strong foundations and rules supported by the most important treasured by the state, where they can do to balance throughput, Bdechlh and press some of their expenses if necessary to face this pressure expansion of reform and production projects, and support other facilities and fulfill its responsibilities,duties and performance of all obligations the best performance.
And it is a pleasure, Your Majesty, that the highest to Your Majesty's summary of the general state budget for the year 1374, concluding this brief glimpse upped report to His Majesty the King, from the budget of His Excellency Sheikh Mohammed SuroorSabban, Minister of Finance and National Economy quick important productive projects that we will be able with God's help and then thanks to the guidance of Your Majesty's gracious and wise your guidance implemented as soon as you can to the country during the reign of Your Majesty's prosperous reap the fruit and enjoy its riches Bouvier present and future.
Fiscal year
The beginning of the fiscal year, the year the onset of AH is a foundation on which you must walk thereunder, it has been the financial year dating her early days the month of Rajab, which is not consistent with the known country from its dependence on the Islamic History in all its dealings and in all of its affairs and which is a source of admiration in all countries, and the various countries, and given what you would do your Majesty to issue commanded you to be a financial year is the Islamic New year has been implemented commanded you obeyed the first of this year 1374.
Budget and financial situation in the past years
Indisputable that the situation in previous years were primitive and the financial situation late because of a lack of revenue and the State's need for increased expenses over revenues for the establishment of the state, organization and overcome the obstacles and events that have arisen because of the outbreak of World War and the subsequent crises of various, yet all of this has been able Ministry Finance thanks to God and thanks to guidance of His Majesty the great and your father, may God have mercy on him - to keep pace with the conditions of the general situation and make relatively progress toward its goals of development in imports development to get rid of the crisis after the oil discovery, in spite of allHatek efforts vigorously and consistently, it was difficult for the Ministry of financial revenues to balance its expenses, resulting in a debt by Arby's Group until the end of last year to six hundred million riyals.
Against this background it has the Council of Ministers with the help of God and thanks to effective Almaazrat aid value that standing by Your Majesty - positive action is crucial, presented an abolition of a lot of unnecessary expenses and touch the best roads, the best of which lead to reduced expenses and to the economy and regulation, which you ordered them Majesty Budget public oversight the implementation which will have the best results that lead to continuous improvement, to the fullest, that God Almighty
Revenues
The total revenue for this year represents the amount of one billion and one hundred and forty-three million and ten thousand and five hundred Saudi riyals. This total corresponds to the previous fiscal year (1372-1373 e) the amount of eight hundred million riyals asoffset in the year before that (1371-1372 e) the amount of four hundred and ninety million riyals.
And the largest number in revenue is represented by the proceeds of an investment and tax oil, followed by a relative increase in other resources and did not impose any new tax.
The other countries are trying to jump revenue numbers, if necessary, impose new taxes collected from the people. And it is a pride of our government is that it is less country in the world taxes. As it tries to ease the burden on the peopleOthagalh, but they devote their resources to exchange for reveille people and defend Haadh and upgrading in various life situations and different fields.
Expenditures
Government allocated huge numbers of its revenues big construction of the business, has also created several new ministries, and then it was not surprising that the total expenditure thousand million and two hundred and twenty-six million five hundred and sixteen thousand and forty-four riyals Arab.
All that has been adopted under the guidance of Your Majesty for the ministries and the various interests and projects beneficial reform.
Balance the budget
It has been added to the total expenses of one hundred and twenty-eight million, four hundred and eighty-three thousand, nine hundred and fifty-six riyals amount in order to calculate the debt of previous years, which shall be the Ministry of Finance paid for this year in order to meet their obligations.
Therefore, total expenses after this amount of one billion, three hundred and fifty-five million riyals.
To meet the budget that we take from the general reserve forcountries-with the permission of your Majesty according to the Royal Decree No. 5/1/15/553 decent amount of one hundred and ten million nine hundred and eighty nine thousand, five hundred riyals and thus be equally revenues with expenditures.
These are the main lines to balance the budget for the year 1374, it should be in accordance with the desire stones, which are movingBhdaha and guide our walk towards the best ways leading to lower living and well-being of the nation.
And that I am pleased as well - Your Majesty to refer to the following are the most prominent appropriations approved by the Council of Ministers of the ministries and projects to allude Majesty through it, a microcosm of the requirements and monitor the spending of the funds in the ways of recovery. [1]
References
- ^ al-daleel al-am lil mamlaka 1957-1376 by : Abdulmueen Boshnag