Saudi Gazette report

DAVOS — Finance Minister Mohammed Al-Jadaan expected that the Kingdom will witness 7.4 percent growth in 2022. He also expected that inflation in the country to be around 2.1-2.3% by end of the year.

Speaking at a panel discussion during the World Economic Forum in Davos on Monday, Al-Jadaan ruled out any immediate plans to transfer funds to the Public Investment Fund (PIF), but he said question would come again in Q1 2023, when this year's surplus is realized.

“We started dealing with inflation early on. Since the end of last year we froze the price escalation of gasoline in internal economy.

“That helped, you can see it in the inflation in Saudi because if you let the energy prices to go up at the current levels you would’ve seen the inflation a lot higher, that’s one of the reason why inflation is low because you capped the energy part of it.”

Al- Jadaan reaffirmed the Kingdom determination to continuing in its reforms.

He said Saudi Arabia is at "full steam" in reform agenda, including diversifying economy and NEOM forms just one part of the mega projects that are ongoing in the Kingdom.

Answering a question on Lebanon, he made it clear “the onus is on the Lebanese to make the changes,” Al-Jadaan said. “We wants to see the best for Lebanon following elections, but others cannot act for the Lebanese.”

“Pandemic challenges remain in MENA region in energy security, food security and supply chain mechanisms,” he said.