Saudi Shoura calls for national debt center's independency from Finance Ministry

Saudi Shoura calls for national debt center's independency from Finance Ministry
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Updated 12 October 2021
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Saudi Shoura calls for national debt center's independency from Finance Ministry

Saudi Shoura calls for national debt center's independency from Finance Ministry

RIYADH: Saudi Arabia's Shoura Council called on the National Debt Management Center (NDMC) to study the possibility of having the center report to the Council of Economic and Development Affairs instead of the Ministry of Finance (MoF), Argaam reported.

The council members said that this move will improve the governance of NDMC and ensures the independence of the center in performing its tasks to achieve the desired goals.

Chaired by the Ministry of Finance, the NDMC secures Saudi Arabia’s financing needs with best financing costs in the short, medium, and long term under acceptable degree of risk in compliance with the financial policies. 

The Council of Economic and Development Affairs is one of two Saudi sub cabinets that aims at establishing the overall governance, the mechanisms and measures necessary to achieve Saudi Vision 2030.