Mohammed Maarouf Al-Shibani
THE New York Times has allotted much space to the press interview of Deputy Crown Prince Muhammad Bin Salman in which he talked about the establishment of a $2 trillion wealth sovereign fund to provide future resources to substitute oil as the sole source of income.
The American newspaper described the prince’s program for the economic reforms as ambitious in light of the fact that the Kingdom is depleting its monetary reserves, which is about $600 billion, by withdrawals of between $10 billion-$15 billion every month.
It said the government needs to create by three times the jobs it had secured during the economic boom of 2003-2013.
While admitting that there was no magic solution, the newspaper saw the creation of this fund as the only option before the Kingdom to meet its local and external challenges.
The daily said the economic reforms to be attained through sovereign funds to reduce dependence on oil are a rational and wise decision.
It, however, said it would have been much easier if the fund had been established during the economic boom of the 10 past years.
The newspaper questioned: Why was not the fund created at that time? This is a logical question for which we have no answer.
Who of our financial leaders would volunteer to give an answer specially that they have lived through the boom period and are still holding their positions?
Was the compass of these senior financial officials pointing in a wrong direction so they are correcting the direction now?
Or was there another secret behind the delay of the establishment of the sovereign fund which we do not know?.
Is it not the God-given right of the citizen to know particularly that he/she has become a partner in shouldering the financial burdens including the rising costs of commodities even of water?
