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Saudi Arabia Stresses Commitment to Accelerate Recovery of National Economy

Saudi Arabia Stresses Commitment to Accelerate Recovery of National Economy

Monday, 12 April, 2021 - 10:30
Saudi Minister of Finance Mohammed Al-Jadaan speaks during a media conference, in Riyadh, Saudi Arabia, February 23, 2020. (Reuters)

Saudi Minister of Finance and acting Minister of Economy and Planning Mohammed Al-Jadaan affirmed the Kingdom’s commitment to accelerate the process of economic recovery, pointing to positive recovery indicators since mid-2020.

In a speech during a recent meeting of the International Monetary and Financial Affairs Committee (IMFC) of the International Monetary Fund (IMF), Al-Jadaan said that Saudi Arabia’s strong economic foundations enabled the government to confront the repercussions of the coronavirus pandemic.

The minister pointed to the recovery of the Saudi economy in the second half of 2020, after the return of economic activity, the remarkable improvement in the non-oil sector and decline in the unemployment rate among Saudis, males and females alike.

He emphasized that the IMF has raised its expectations for economic growth in the Kingdom for the year 2021 from 2.6 to 2.9 percent, stressing that the country would continue to provide the necessary factors to accelerate the economic recovery process.

Al-Jadaan also highlighted the implementation of structural and economic reforms within the Kingdom’s Vision 2030 and new environmental initiatives, namely the Green Saudi and the Green Middle East Initiatives to achieve sustainable growth.

He underlined the World Bank Group’s rapid response to confront the health, economic and social impacts of the pandemic, welcoming its effort to allocate USD 12 billion to allow developing countries to access vaccines.

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.

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