Saudi Finance Minister: Economy is open and the results are very positive

The Saudi Finance Minister, Mohammed Al-Jadaan, said, in the virtual “Euromoney” conference, that the Kingdom’s economy began to witness growth in many sectors that were being focused on.

Saudi Finance Minister: Economy is open and the results are very positive

He added, “Vision 2030 has begun to bear fruit and we have achieved growth in the tourism, entertainment, financial and technological sectors, and the growth was between 3 and 8%.”

“In 2020, we assumed the presidency of the G20 summit and set a very strong agenda, then Coronavirus came and affected everyone, including Saudi Arabia, and oil prices declined, and with it the kingdom’s revenues, but oil prices can be controlled.”

While he confirmed that the Kingdom had responded to the repercussions of the Corona pandemic, he pointed to taking many measures to confront the repercussions of Corona.

Al-Jadaan confirmed that work has been done to open the economy, describing the results as “very positive.”

He pointed out that 218 billion riyals were provided to support businesses and companies, pointing out that the Central Bank “SAMA” has provided large liquidity to banks, worth 70 billion riyals, during the Corona pandemic, in order to reschedule loans to the private sector at no cost.

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While Al-Jadaan stressed that Vision 2030 included government reforms, he stressed that Vision 2030 is a very effective road map, and we are committed to implementing the vision.

On the other hand, Al-Jadaan said that 11 billion riyals had been collected from the privatization contracts, stressing that government spending is directed to the most affected sectors.

In addition, Al-Jadaan noted the rapid response of the twenty countries, as for the first time in history. “We held the first virtual summit in the first quarter of the year with clear tasks to support the poor countries, as we collected 21 billion by May”.

He said, “We have a very strong agenda for the presidency of the G20”. Stressing that the government support has greatly helped contain the Coronavirus crisis.

And he continued. “We started by laying out clear plans to diversify the economy and avoid fluctuations,” and he went back to saying. “We have seen the benefits of investing in technology this year.”

“The focus is on protecting the citizens and creating adequate health resources,” he concluded.

Source: Al Arabiya, 2020