Saudi Banks Safe from Troubled US Banks

The Saudi Minister of Economy and Planning participates at the Financial Sector Conference in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Economy and Planning participates at the Financial Sector Conference in Riyadh (Asharq Al-Awsat)
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Saudi Banks Safe from Troubled US Banks

The Saudi Minister of Economy and Planning participates at the Financial Sector Conference in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Economy and Planning participates at the Financial Sector Conference in Riyadh (Asharq Al-Awsat)

Ayman Al-Sayari, Governor of Saudi Central Bank (SAMA), ruled out any transactions between Saudi banks and troubled US banks, affirming that the Kingdom’s banking sector enjoys capital adequacy and reassuring liquidity.

Al-Sayari spoke with Al-Arabiya TV on the sidelines of the Financial Sector Conference in Riyadh when he added that the Kingdom fully believes in the partnership between SAMA and the Financial Sector Development Program.

He noted that the partnership will achieve Saudi Arabia’s Vision 2030 goals by supporting the growth and sustainability of the local economy while preserving the stability and durability of the Kingdom’s financial sector.

Al-Sayari asserted that Saudi Arabia will “continue to move forward.”

He affirmed that the Kingdom would hold the Financial Sector Conference’s third edition as it can catalyze the economy and attract investments, achieving government aspirations.

In his closing speech at the Conference, Al-Sayari asserted that the gathering, directly and indirectly, impacted developing capabilities by exchanging expertise, discussing challenges, and finding ways to overcome them.

Al-Sayari highlighted the broad participation at the conference, adding that it included several local and international financial industry leaders and experts.

Participants, according to Al-Sayari, held several sessions during which they exchanged expertise and reviewed the best international practices.

Moreover, discussions tackled regulation, legislation, and challenges.

Al-Sayari said SAMA and its partners in the Financial Sector Development Program would continue to empower institutions, support the growth of the private sector and the national economy, diversify sources of income, and stimulate savings, financing, and investment.

Saudi Arabia is also working to ensure the retirement system is sustainable, inexpensive, and fair through improving procedures and regulations, said Faisal Alibrahim, Minister of Economy and Planning.

In a panel discussion at the Financial Sector Conference, the minister added that the Kingdom is keen to be proactive to ensure the development of policies aimed at addressing the rise in life expectancy and its consequences in terms of retirement.

Alibrahim indicated that Saudi Arabia is one of the young countries. Still, it is working to address these challenges, noting that the country was also keen to be more flexible with the General Organization for Social Insurance (GOSI) and made several changes to the retirement system.

In the past five years, the Saudi government has taken significant steps to expand and constantly update pension systems, added Alibrahim, noting that pension systems worldwide seek to achieve many goals.

The demographics have changed, he acknowledged, stressing that this requires a review of the pension mechanism and the retirement age.



Report: Syrian Officials Plan to Attend IMF, World Bank Meetings in Washington

A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)
A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)
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Report: Syrian Officials Plan to Attend IMF, World Bank Meetings in Washington

A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)
A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)

Syria's finance minister, foreign minister and central bank chief are planning to attend the annual spring meetings held by the International Monetary Fund and World Bank in Washington, DC this month, four sources familiar with the plans said.

It would be the first visit to the meetings by a high-level Syrian government delegation in at least two decades, and the first high-level visit by Syria's new authorities to the US since former President Bashar al-Assad was toppled in December.

Two of the sources told Reuters it was unclear whether Foreign Minister Asaad al-Shaibani, Finance Minister Mohammed Yosr Bernieh and Central Bank Governor Abdelkader Husrieh had yet received visas to the United States.

Spokespeople for the IMF, World Bank, Syrian foreign ministry and Syrian presidency did not immediately respond to requests for comment.

The other two sources said a high-level meeting focused on reconstruction efforts for Syria could be held on the sidelines of the IMF-World Bank meetings.

Syria has been ravaged by nearly 14 years of a war that was sparked by a deadly crackdown on protests against Assad, with much of the country's infrastructure left in ruins.

The government that took over after Assad was ousted has sought to rebuild Syria's ties in the region and further afield, and to win support for reconstruction efforts.

But tough US sanctions imposed during Assad's rule remain in place. In January, the US issued a six-month exemption for some sanctions to encourage humanitarian aid, but this has had limited effect. Reuters reported in February that efforts to bring in foreign financing to pay public sector salaries had been hampered by uncertainty over whether this could breach US sanctions.

Last month the US gave Syria a list of conditions to fulfill in exchange for partial sanctions relief but the administration of US President Donald Trump has otherwise engaged little with the country's new rulers.

That is in part due to differing views in Washington on how to approach Syria. Some White House officials have been keen to take a more hardline stance, pointing to the new Syrian leadership's former ties to Al-Qaeda as reason to keep engagement to a minimum, according to diplomats and US sources.