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Finance Minister: Saudi Capable of Withstanding External Volatile Conditions

Finance Minister: Saudi Capable of Withstanding External Volatile Conditions

Monday, 29 January, 2018 - 12:45
Finance Minister Mohammed al-Jadaan during the World Economic Forum meeting in Davos. Asharq Al-Awsat

Finance Minister Mohammed al-Jadaan has said that Saudi Arabia’s economy is strong and capable of withstanding external volatility.

“We have a strong and flexible economy, strong reserves and a low deficit that will enable us to withstand and overcome external volatile conditions," al-Jadaan said recently at the World Economic Forum meeting in Davos.

He said the Kingdom was committed to increasing transparency, including the full disclosure of Saudi budget reports this year.

During the national dialogue session, which dealt with building the future of the Saudi economy in line with Vision 2030, Jadaan talked about the economic reforms carried out by the government and among others their influential role in improving the business environment, rehabilitation of the mineral resources sector, development of renewable energy capabilities and localization of the military industry.

He said the World Bank has lauded the Saudi government’s successful reforms in 2017 to support Small and Medium Enterprises (SMEs), which have led to an increase in their revenues.

Jadaan stressed the government will not tolerate corruption and squandering of public funds.

The government aims to increase the share of funding SMEs in banks from two to five percent by 2020, he said.

The minister also expected the decision to allow women to drive would have a huge impact on the long-term investment.

According to Bloomberg calculations, even a slow convergence of female labor participation, the gains could add up to $90 billion by 2030.

“The government has worked to develop a framework for privatization through the transformation program aiming to raise nearly $200 billion over the next few years,” the Minister of Finance added.

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