The Riyadh Spending Efficiency Forum 2024, which began on Monday, highlighted the importance of enhancing spending efficiency in Saudi Arabia. Minister of Finance Mohammed Al-Jadaan emphasized the use of technology to achieve spending efficiency, which involves redirecting resources to achieve a higher impact rather than reducing spending. He pointed out that long-term planning and coordination between government agencies are essential to avoid wasteful spending.
Al-Jadaan cited an example of a project in which billions were spent but had zero impact on serving citizens due to weak coordination. He also mentioned the increased spending on newborn screening tests in Saudi Arabia, which has had a high impact on protecting children from genetic diseases. The establishment of the Expenditure Efficiency and Projects Authority (EXPRO) aims to help government agencies achieve efficiency and positive impact in their projects.
The forum brings together decision-makers, economic experts, academics, and thought leaders to discuss methodologies for improving financial and administrative performance. It includes dialogue sessions, workshops, and presentations aimed at enhancing cooperation between local and international entities. The forum also features an exhibition showcasing success stories from government agencies and an innovation challenge called “Kafa’athon” aimed at developing innovative solutions for driving sustainability across various sectors.
The Kafa’athon challenge is divided into two tracks focusing on developing AI-driven financial planning tools for accurate budget management and proposing non-technological solutions to optimize asset management, resource allocation, and procurement for sustainable growth. The EXPRO aims to contribute to achieving spending efficiency by improving government procurement operations, raising the quality of projects and facilities, and developing policies and methodologies to build the capabilities of national cadres.
Overall, the Riyadh Spending Efficiency Forum 2024 aims to highlight outstanding achievements in government spending efficiency in Saudi Arabia and improve governance according to global best practices. The forum emphasizes the importance of technological advancements, cooperation between government agencies, and innovative solutions to enhance spending efficiency and achieve a higher impact on citizens. It provides a platform for knowledge sharing, collaboration, and the development of strategies for improving financial and administrative performance.
