Saudi Gazette report

RIYADH — The Council of Ministers on Tuesday reaffirmed Saudi Arabia’s commitment to ensuring global oil market stability and safeguarding common interests of both producers and consumers during a virtual session chaired by Custodian of the Two Holy Mosques King Salman in Riyadh.

The Cabinet also called on all citizens and expatriates to comply seriously with the instructions and directives of the concerned authorities to ensure their safety and help prevent the spread of the coronavirus pandemic.

In another significant move, the Cabinet decided that the duration of the visit visa for the tourism purpose, which was not availed following the suspension of international flights as part of precautionary measures to prevent the spread of coronavirus in the Kingdom, will not be calculated.

Similar will be the case for the duration of stay of such visa holders who are in the Kingdom during the suspension period. The duration of insurance policy will also be not calculated for the period.

The Council highlighted Saudi Arabia’s efforts to stabilize the global energy markets and maintain fair prices for both producers and consumers, and its constant endeavor to support the growth of the global economy in light of the developments arising out of the coronavirus situation.

In this context, the Cabinet hailed the calls made by King Salman and Crown Prince Muhammad Bin Salman along with heads of friendly countries that resulted in an agreement among the OPEC and non-OPEC oil producing countries during their ninth extraordinary ministerial meeting, announcing the Declaration of Cooperation.

The Council reaffirmed the commitment to achieve stability, preserving common interests of producing countries, high efficiency in supplies to consumers, and adjusting reductions of their overall crude oil production in a gradual way.

The Cabinet reviewed the final statement of the extraordinary meeting of G20 energy ministers that analyzed the effects of coronavirus on global oil markets as well as on the global economy, and the impact on sustainable development programs.

The session also affirmed the commitment to work together to reach cooperative responses within the existing policies, which will ensure the market stability of various energy sources, taking into account of the specific circumstances of each country and the immediate necessary measures to meet the challenges, and ensure a balance of interests between producers and consumers.

The Cabinet also underlined the need to ensure availability of energy sources needed in the health sector and other sectors that are leading efforts in fighting coronavirus.

The Cabinet discussed the precautionary measures undertaken to confront the pandemic, and the implementation of orders and directives in this regard by the relevant authorities, to safeguard the health and safety of citizens within the Kingdom and abroad, as well as that of expatriates in the Kingdom.

The session also reviewed the provision of the necessary medication, food and other basic needs and commended the outcome of the directive issued for the return of citizens from abroad, in coordination with a number of relevant authorities.

The Council hailed the positive assessments of global rating agencies on the strength and resilience of the Saudi economy affirming the Kingdom’s credit rating with a stable future outlook, reflecting the great confidence enjoyed by the Saudi economy in the global market.

It also reflects the strength of the Kingdom’s financial position, especially in meeting challenges, in light of current crises and exceptional circumstances.

The Council approved conversion of the Historic Jeddah Project Management into a Program aimed at refurbishing and developing Historic Jeddah in the urban, economic, social, cultural, historical, and environmental realms, and providing its needs for public facilities and services.

The Cabinet also endorsed the law for pharmaceutical and herbal firms. Approval was accorded to establish an academy titled Financial Academy, with endorsing its organizational procedures.