Al-Jadaan: Measures in place to ‘ensure comprehensive growth’

WASHINGTON D.C. — Saudi Minister of Finance Mohammed Al-Jadaan has said that the level of confidence in global financial markets is rising, thanks to the growth of the global economy.

He made the remarks while addressing the International Monetary and Financial Committee of the International Monetary Fund as head of the Kingdom’s delegation to the annual meetings of IMF and the World Bank that concluded in Washington on Sunday.

In his speech, Al-Jadaan reviewed the latest developments in the Saudi economy and the Kingdom’s efforts to implement Vision 2030 and its executive programs, particularly through the effective role of fiscal and monetary policies and structural reforms in ensuring the growth of the non-oil sector and enhancing its strength. He highlighted the efforts being exerted to improve the investment environment and support to the private sector, besides enhancing investors’ confidence through a number of measures, including raising transparency and facilitating government actions, as well as the role of privatization programs in improving the fiscal framework, raising accountability and achieving the highest levels of governance.

The minister referred to the measures taken to ensure the comprehensive growth, noting the importance of the ‘Citizen’s Account’ program adopted by the government to help low and middle income beneficiaries meet the additional costs of the gradual increase in energy prices

Al-Jadaan also participated in the meeting of Development Committee of the World Bank Group and the meeting of Ministers of Finance and Central Bank Governors of G-20 countries, in the presence of the Governor of the Saudi Arabian Monetary Authority Dr. Ahmed bin Abdulkarim Al-Khulaifi and a number of officials.

Addressing the meeting, the minister welcomed the progress made in implementing the World Bank Group Vision 2030, particularly ways to maximize financing for development strategically to meet urgent development needs, stressing the importance of this vision in achieving the World Bank Group's objectives in reducing extreme poverty and promoting common prosperity by focusing on priorities with a high developmental impact.

The meeting reviewed the latest developments in the global economy and the framework of strong, sustainable and balanced growth and progress on a number of topics.

Al-Jadaan and Al-Khulaifi also participated in the joint meeting of governors of Arab countries at World Bank Group and WBG President at the World Bank in Washington on Sunday. The meeting focused on the development efforts and challenges of the Arab countries, including support from the World Bank Group to contribute to strengthening the partnership between the World Bank and Arab countries.

Addressing the meeting, the minister expressed the appreciation of Arab countries for efforts being exerted by the World Bank in the region, calling on the bank to intensify its efforts and expand activities in the region through funding and technical consultations to contribute to implementing necessary reforms to support the growth and development in the states of the region.

The finance minister also participated in the roundtable meeting of the Council of American Chambers held on the sidelines of the annual meetings of IMF and the World Bank.

In his speech, Al-Jadaan reviewed the efforts of the Saudi government to achieve Kingdom's Vision 2030, stressing that these efforts will contribute to supporting the growth of the private sector and encouraging foreign companies to invest in the Kingdom. “The Vision would include various initiatives aimed to develop small and medium enterprises to enhance employment opportunities for Saudi citizens,” he added. — SG/SPA