Overview

Upon the directives of His Majesty the Sultan Haitham bin Tarik The National Programme for Fiscal Sustainability and Financial Sector Development (Estidamah) was launched for a period of three years from January 2023 which aims to continue implementing the measures of fiscal balance and seeks todevelop financial and banking sector.

Objectives

Developing the policies and business system of financial sector.
Revising some legal aspects.
Raising the efficiency of capital market.
Strengthening financial inclusion and technology.
Strengthening the role of entities working in the financial sector
Developing financial products.
Raising social awareness and enhancing financial literacy.
Raising the efficiency of human capacities.

Development Phases and Timeline of the Programme

First Phase: From January 2023 to the end of Q2-2023

This phase entails undertaking a study on the current status of financial sector, and diagnoses the core challenges faced by the sector. Additionally, the first phase will cover the preparation of workshops and specialized labs to set strategic objectives and suggest needed solutions, initiatives and projects.

Second Phase: From Q3-2023 to the end of 2023

Coordinate with all relevant stakeholders (Government and private entities) to agree upon an executive plan and timeline of the initiatives and projects pertaining to financial sector development.

Third Phase: From Q3-2023 to the end of 2025

Implementation of initiatives and projects, adopted by the Supervisory Committee to achieve the strategic objectives of the programme, and monitor their progress while ensuring their alignment.

During the first and second phases, the existing initiatives’ activities will be completed as well as implementing fast-moving initiatives and measures that have direct impact