The National Center for Government Resources Systems, in partnership with the Ministry of Finance, the National Center for Debt Management and the Saudi Central Bank, launched the technical system for treasury management at the Ministry of Finance, and the technical system for the National Center for Debt Management, as part of the center’s efforts to promote digital transformation in the management of government resources, in accordance with the objectives of the Kingdom’s Vision 2030.
On this occasion, His Excellency the Chairman of the Steering Committee at the Ministry of Finance, Mr. Abdulaziz Al-Fraih, confirmed that the digital strategic direction adopted by the Kingdom’s government in general, as well as the Ministry of Finance, led to achieving rapid leaps that helped establish a digital infrastructure that provides advanced technical solutions as well as accurate data and high quality reports across systems and platforms. Which it develops to support decision-making, facilitate government procedures and raise their efficiency, standardize and control procedures and standards, and empower supervisory authorities, noting that the treasury management system is one of the main possibilities for implementing the cash management improvement initiative and applying the state's unified treasury account to reach financial sustainability, by providing a unified centralization For all state revenues and expenditures, in addition to the development of payment services in real time between the Ministry of Finance and the Central Bank of Saudi Arabia, and the launch of the technical system of the National Center for Debt Management comes within the framework of automating the operations of the center and enabling it to perform them efficiently with integration and provision of the necessary operational reports for the center.
In turn, the CEO of the National Center for Government Resources Systems, Mr. Ahmed Al-Suwayan, indicated that the establishment of the center comes as a culmination of the efforts of the Ministry of Finance over 4 years in achieving digital transformation, and the launch of technical systems comes within the commitment of the National Center for Government Resources Systems and its continuous efforts to advance the wheel of transformation. Digitalization in various government resource streams, and in implementation of the goals of the Kingdom’s Vision 2030.
The treasury management system aims to manage liquidity and cash flows, manage investments and risks, instant transfers and settlements, and manage cash forecasts, in addition to following up on direct settlements of state accounts in the Saudi Central Bank. Directly through the accounts of the Ministry of Finance in the Central Bank of Saudi Arabia, increasing the effectiveness of monitoring and controlling the state’s government resources, enhancing transparency, supporting and simplifying business and the movement of cash between accounts, enabling investments with the cash surplus of the state treasury, and raising the efficiency and speed of processing real-time payments and government transfers. The Saudi Central Bank, and enabling the application of the concept of internal banking to the state treasury, through disbursement and collection from unified accounts of the parties inside and outside the state budget to reduce the banking cost of remittances.
The debt management system also aims to automate the procedures for issuing sukuk and government bonds issued by the National Debt Management Center, managing debt portfolios, and financing products. For bonds and government debt instruments, to enable analytics and follow-up of currency and interest rates by linking with global markets data platforms, the system also enhances reliability in public debt portfolio reports, and financial reliability in commitment to repayment payments.
It is worth noting that the National Center for Government Resource Systems is concerned with providing solutions and services for managing government resources through unified and integrated systems that include: budget management, payments, revenue collection, accounting system, procurement and supply chains, financial management, and human resources, and it also works to achieve many goals. The most prominent of these are planning and managing government resources, providing unified and integrated systems, enhancing transparency and fighting corruption, improving productivity, operating and spending efficiency, providing digital products and services, in addition to building data and business intelligence capabilities.