RIYADH — Saudi Arabia’s financial system is well prepared to cope with the economic effects of the COVID-19 pandemic, the International Monetary Fund (IMF) envoy to Saudi Arabia Tim Callen said in a report carried by Asharq Al-Awsat newspaper.

Callen added that Saudi banks are in a good condition as they have strong solvency and are well-capitalized, which enable them to absorb the negative impact of the pandemic.

He also pointed out that Saudi Arabia's assumption of the G20 presidency provided an opportunity to deepen the cooperation with the IMF.

The Kingdom has embarked on wide-ranging economic reforms in the recent years that have continued through its presidency of G20.

On the global impact of the pandemic, he said, the global economy will be affected by the coronavirus epidemic as the necessary precautionary measures will reduce economic activities. — SG