The Ministry of Economy and Planning is the entity responsible for the development, advancement, and evaluation of economic affairs policies and development plans in the Kingdom of Saudi Arabia. Moreover, it seeks to achieve Saudi Vision 2030. It was established in 1953, originally named the Ministry of Economy.
History of the Ministry of Economy and Planning
One year after the establishment of the Ministry of Economy, it was merged with the Ministry of Finance under the name of the Ministry of Finance and National Economy in 1954. Then, the Supreme Council for Planning was formed in 1959, and the Central Planning Authority replaced the Supreme Council for Planning in 1964. In 1975, the council was transferred to the Ministry of Planning. In 2000, the economic activity was transferred from the Ministry of Finance and National Economy to the Ministry of Planning. In 2003, the name of the Ministry of Planning was amended to the Ministry of Economy and Planning.
Since its establishment until 2023, the Ministry of Economy and Planning was run by eight ministers. The first to hold the position of Minister of Planning (currently the Minister of Economy and Planning) in the Kingdom was Hisham Muhiuddin Nazer during the reign of King Khalid Bin Abdulaziz Al Saud.
Vision and Mission of the Ministry of Economy and Planning
The vision of the Ministry of Economy and Planning is to be the main enabler of sustainable development and economic diversification in the Kingdom.
The mission of the Ministry of Economy and Planning is to develop economic policies and development plans based on knowledge and evidence-based analysis, and to support the achievement of the goals of Saudi Vision 2030 in partnership with various government agencies.
The ministry manages the financial and economic planning process by designing policies and ensuring their integration to achieve developmental returns for sustainable economic growth. The ministry also leads the economic forecasting process and develops institutional competencies in the fields of economics and public policy to support decision-making regarding national plans and policies, ensuring their effective and high-quality implementation.
Activities of the Ministry of Economy and Planning
The Ministry of Economy and Planning is responsible for managing its five-year development plans. The first development plan in the Kingdom dates back to 1970 during the reign of King Faisal Bin Abdulaziz Al Saud, as it was supervised by the Central Planning Authority before turning it into a ministry. Several plans were passed, bringing the total to ten development plans, the last of which was for the period extending from 2015 to 2019.
The ministry operates from its headquarters in the capital, Riyadh, and is affiliated with the General Department for Strategic Communication and the General Department of Legal Affairs, in addition to several agencies that organize the ministry's work, including the National Planning and Policy Affairs Agency, the Human and Social Development Affairs Agency, and the Sectoral Development Affairs Agency. The ministry, which is headed by a minister who is a member in the Council of Ministers, is assigned by a Royal Order as the main person in charge.
Strategic objectives of the Ministry of Economy and Planning
The Ministry of Economy and Planning has identified a number of strategic objectives that align with the goals of Saudi Vision 2030, with a focus on keeping pace with the rapid developments in the national and international economy.
The strategic objectives of the ministry are as follows:
- Developing the strategic direction for national development priorities.
- Developing and aligning economic policies.
- Highlighting strategic opportunities that enable economic growth and diversification through regional and international engagements.
- Enabling decision-making through evidence-based analysis.
- Developing economic expertise and competencies.
- Enhancing internal capabilities to achieve a global standard of institutional excellence.
The Ministry of Economy and Planning's relationship with Saudi Vision 2030
The Ministry of Economy and Planning's relationship with Saudi Vision 2030 is characterized as one of the supporting entities for government agencies in strategic and executive planning. The ministry participates in different levels of the Vision's system, providing necessary information, data, statistics, and studies to related entities. It plays a pivotal role in Vision 2030, which includes assessing the impact before and after the implementation of vision programs and national, sectoral, and regional strategies to refine the design of these programs and strategies to maximize their developmental impact on the economy and society. Additionally, the ministry is a member of the permanent task force concerned with the budget for programs that achieve the vision.
Related quizzes
