Budget Response 'Government will continue to invest in the development of our country.'
November 08, 2024
The Minister for Finance, National Planning and Trade, Naadir Hassan has given his 2025 Budget response following three days where Members of the National Assembly gave their reaction.
He has reassured members of the public that the government will continue to invest in infrastructure in a bid to further develop the country’s economy.
‘It is development that creates wealth, thus to have development, we have to invest. Firstly, we need to create the right environment for investment. If we reduce taxes and establish a fair tax system, this will encourage growth in the private sector. Growth in the private sector creates jobs and generates revenue. This is how the government finance its budget.”
Along this line, Minister Hassan again reiterated the government will invest even more in infrastructure development because of their benefits in the long term.
Minister Hassan also took the time to debunk the many false statements made during the three days of reaction from members of the opposition.
He explained further the increase in social benefits for pensioners/disabilities and invalidities. Across the board, all three groups are being guaranteed a minimum increase of SR 400. He also talked about the increase in allowance for post secondary students.
He gave special attention of the new revamped PV scheme which will be relaunched in 2025, which will benefit both residential households and small/medium businesses.
Minister Hassan concluded his response by restating that development can only happen when there is investment.
Click below to access the full speech.