Saudi Arabia affirms the commitment to accelerate the recovery process in the national economy
Finance Minister: We are proceeding with the implementation of structural reforms and environmental initiatives to achieve sustainable growth
Monday – 1 Ramadan 1442 AH – 12 April 2021 AD Issue No. [
Riyadh: «Asharq Al-Awsat»
In his speech during the recent meeting of the International Monetary and Financial Affairs Committee of the International Monetary Fund, Al-Jadaan said that Saudi Arabia has strong economic foundations that, along with strong and broad-based containment and support measures, have enabled it to face the repercussions of the pandemic, referring to the recovery of the Saudi economy in the second half. From last year, after the return of economic activity, the remarkable improvement in the non-oil sector, and the decline in the unemployment rate among Saudis, males and females alike.
He explained that the “International Monetary Fund” raised its expectations for economic growth in the Kingdom for the year 2021 from 2.6 percent to 2.9 percent, stressing that the Kingdom would continue to provide what is necessary to accelerate the recovery process of the Saudi economy.
He referred to the commitment to implement structural and economic reforms guided by the “Kingdom’s Vision 2030” and modern environmental initiatives, namely the “Green Saudi Initiative” and the “Green Middle East Initiative” to achieve sustainable growth.
In his speech during the meeting, Al-Jadaan stressed the efforts of the “World Bank Group” through rapid response to confront the health, economic and social effects of the pandemic, welcoming the Bank’s efforts to allocate $ 12 billion to support developing countries to access vaccines. He stressed the importance of rapid implementation of vaccine operations in low-income countries, including fragile and conflict-affected countries.
The Minister of Finance and Acting Minister of Economy and Planning referred to the Bank Group and the International Monetary Fund’s vision for the support provided to the initiative to suspend debt service to the “Group of Twenty” and the joint framework, highlighting the importance of effective implementation of the joint framework with the support of both organizations.
In his participation, Al-Jadaan called for a focus on sustainable, resilient and comprehensive recovery, with the importance of aligning the work of the World Bank Group with the 2030 Sustainable Development Agenda and the Paris Climate Agreement. He also urged the World Bank Group to focus on its two goals of ending extreme poverty and enhancing shared prosperity. While giving importance to the national conditions of the member states and their development priorities.
He stressed the importance of international cooperation to ensure rapid and fair access to vaccines and make them available to all, urging the Fund to continue working in vigorous steps in continuation of the intensive efforts that were accomplished last year in the “G20”, under the Kingdom’s presidency to mitigate the negative effects of the pandemic of the “emerging corona” virus (Covid – 19).
On the priorities of the agenda for the coming period, he stressed the importance of focusing efforts and actions on managing debt risks to help countries address weaknesses, especially in low-income countries.
Al-Jadaan supported the proposal to allocate the International Monetary Fund to new special drawing rights worth $ 650 billion to increase reserves, indicating that this allocation would support efforts for economic recovery and financial strength by providing additional liquidity to the global economic system.