Minister of Finance Ibrahim Al-Assaf denied reports that the Kingdom will impose taxes on either Saudis or foreigners. Addressing a joint press conference here on Tuesday night to brief on various ministries' role in implementing the National Transformation Program (NTP), Al-Assaf said the NTP will lead the national economy into a new phase of growth and stability, the Saudi Press Agency reported. "Financial stability is significant in any economy in its drive to achieve balance and stability in the realms of public financing, exchange rates and inflation," he said. According to Al-Assaf, the ministry's strategic goals with regard to implementing NTP are related basically to boosting non-oil resources, financial governance, and technology, and keenness on preserving the state's assets. "The most significant aspect of NTP is how it is going to be implemented," he said. The press conference was also attended by Minister of Justice Waleed Al-Samaani, Minister of Culture and Information Adel Al-Turaifi, Minister of Labor and Social Development Mofrej Al-Haqbani and Minister of Transport Sulaiman Al-Hamdan. Al-Haqbani said the NTP does not plan any cut in the foreign workforce. He also said 1.3 million jobs will be offered to Saudis under the plan. Al-Samaani described NTP as a main mechanism to realize the Kingdom's Vision 2030 after pinpointing major challenges facing the Kingdom in the economic and development domains. He said that the ministry's strategic goals with regard to realizing NTP include raising the standard of judicial services, achieving institutional excellence, bringing down the number of litigations and disputes, improving the status of the judiciary, spotlighting its role regionally as well as internationally, improving the efficiency of judicial documentation, strengthening security of real estates, enhancing the role of judiciary in reconciliation and seeking alternative means in settling disputes. Al-Samaani also announced that the draft of the Code of Fiqh (Islamic jurisprudence) Rulings has been completed, and it is under the review of the concerned authorities. Al-Assaf downplayed analysts' skepticism that the NTP plan is overly ambitious and will fail to break the cultural and bureaucratic resistance to the deep-seated change in a country where citizens are used to generous handouts and benefits. He said the detailed initiatives and targets underlined the seriousness of the proposal. "I say with these steps we have to be optimistic that these programs and these plans will happen," he said. Al-Assaf confirmed plans for the Ministry of Finance to launch its debut international bond, but said its size would be determined by government needs.
