MANAGING PUBLIC DEBT: THE CASE OF SAUDI ARABIA

B. Albassam
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引用次数: 1

Abstract

Managing public debt efficiently and effectively requires good management of public finances and a high quality of performance by financial and non-financial institutions in a given country. Likewise, the quality of a nation?s economic and financial plans is an essential element in making the most of public debt and reducing the economic risk of default. This paper analyzes the levels of efficiency and effectiveness of public debt management in Saudi Arabia from 1991 to 2019 by looking at the relationship among the following variables: oil and non-oil revenues out of the total revenues, the current and capital expenditures of total expenditures, the ratio of deficit/surplus to GDP, and the general government?s gross debt percentage of GDP. The outcome of the study suggests that the current system of managing the state?s financial affairs and public debt might be not suitable for achieving the goals of the Saudi strategic plans. Therefore, the study calls for economic and financial policies to be developed to include all elements that affect the economy (e.g., governmental performance). The study also calls for the adoption of a long-term fiscal policy that does not change as state revenues increase and for the support of the implementation of the principles of good governance in the public finance system (e.g., strengthening public participation in the process of making the public budget and supporting the independence of the financial supervision agencies).
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管理公共债务:以沙特阿拉伯为例
高效率和有效地管理公共债务需要一个国家的金融和非金融机构对公共财政进行良好的管理和高质量的业绩。同样,一个国家的质量如何?美国的经济和财政计划是充分利用公共债务和降低违约经济风险的基本要素。本文通过观察以下变量之间的关系,分析了1991年至2019年沙特阿拉伯公共债务管理的效率和有效性水平:总收入中的石油和非石油收入,总支出中的经常性支出和资本支出,赤字/盈余与GDP的比率,以及一般政府?中国的总债务占GDP的百分比。研究结果表明,当前的国家管理体制?沙特的财政事务和公共债务可能不适合实现沙特战略计划的目标。因此,该研究呼吁制定经济和金融政策,以包括影响经济的所有因素(例如,政府绩效)。该研究还呼吁采取一项不因国家收入增加而改变的长期财政政策,并支持在公共财政系统中实施善治原则(例如,加强公众对公共预算制定过程的参与,支持金融监管机构的独立性)。
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