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A Royal Decree on State’s General Budget 2 Riyadh

Second: The revenues referred to in paragraph (1) of Article (First) of this Decree shall be collected in accordance with Financial Regulations and shall be deposited in a current account of the Ministry of Finance at the Saudi Arabian Monetary Agency.

Third: Expenditures shall be disbursed in accordance with the State's general budget and its relevant instructions. Appropriations shall not be used in any way other than how they are allocated, issuing of order of commitment or disbursement beyond the appropriations or commitment to any expenditures not approved in the budget.

Fourth: Authorizing the Minister of Finance to cover the State's budget deficit as follows:

1- Withdrawal from the State's reserve account and transfer it to the current account of the Ministry of Finance.

2- Borrowing (Including conclusion of any agreement or any similar transaction by its nature to borrowing and as commercially required and so on) and issuance of public debt instruments and issuance of deeds (Sukuk) of all types, as may be required inside and outside the Kingdom. This may require the following:

a: Establishing of companies inside and outside the Kingdom and defining their forms to serve the purposes for which they were established for.

b: Concluding necessary contracts and agreements in this regard, including inclusion of provisions required by the nature of such contracts or agreements. In particular, the provisions contained in the Cabinet's Resolution No. 313 of 25/7/1437H (2015). and the Royal Order No. 36612 dated 27/7/1437 AH.

c: Issuing government guarantees to government agencies whose budgets are annexed to the State's general budget to support borrowing of these instruments as well as the debt and deeds instruments it might issue, taking into account, in order to improve the efficiency of public debt management, the following:

I - Government agencies with budgets annexed to the State's general budget cannot borrow or issue any debt instrument of any type or issue any government guarantee, without a written consent by the Minister of Finance.

2 - Entities whose budgets are not annexed to the State's general budget shall not be supported and no government guarantee for their borrowing shall be issued, either through loans, debt issuance and deeds instruments or any other means of lending, except with a written consent by the Minister of Finance.

Source: Saudi Press Agency

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