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Saudi Finance Minister: 'Citizen’s Account' Helps Face Gradual Rise of Energy Prices

Saudi Finance Minister: 'Citizen’s Account' Helps Face Gradual Rise of Energy Prices

Tuesday, 17 October, 2017 - 09:30
Saudi minister of finance Mohammed al-Jadaan gestures during the 2017 budget news conference in Riyadh, Saudi Arabia December 22, 2016. (Reuters)

Saudi Arabia adopted on Monday the “Citizen’s Account” to assist people of middle and low income in enduring the additional costs resulting from the gradual increase of energy prices, affirmed Minister of Finance Mohammed al-Jadaan.

He pointed out that the global economy is growing and improving,adding that confidence in global financial markets is rising.

During a speech before the International Monetary Fund’s (IMF) Monetary and Financial Committee, he showcased challenges of the global economy, including geo-political and capital fluctuations, stressing the importance of reinforcing economic flexibility, building reserves and intensifying efforts to cement international cooperation.

Jadaan asserted the importance of introducing a more comprehensive global economy by deploying all available economic tools to guarantee the sustainability and comprehensiveness of growth.

He lauded the role of the IMF in sustaining policies and welcomed its contribution in boosting financial transparency and management, as well as fighting money-laundering and terrorism funding.

In a related matter, the finance minister highlighted the latest Saudi economy developments and the kingdom’s efforts in implementing the Saudi Vision 2030 and its executive programs, especially through the active role of the financial policies and structural reforms in assuring the non-oil sector.

He also shed light on efforts to improve the investment environment, support the private sector and bolster the investors’ confidence through a number of measures.

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