Saudi Min. opens 11th Euromoney Conf.

RIYADH, May 3 (KUNA) — Saudi Finance Minister Dr. Ibrahim Al-Assaf said Saudi Arabia Vision 2030, approved by the cabinet last week will focus on diversifying sources of national income and maximizing benefit from economic, social, demographic and geographic potentials of the Kingdom.
In his address to the 11th Euromoney Conference, which opened at Al Faisaliah Hotel on Tuesday evening, the minister said the vision for socio-economic development sets a package of reforms and practical targets that focus on economic diversification, creation of job opportunities, correcting the subsidy system, empowering the private sector and striking a balance between spending and revenues.
“The Ministry of Finance will pursue thoroughly the institutional and budgetary reforms, and give momentum to good governance measures with a view to achieving sustainable economic development,” he vowed.
“In collaboration with the International Monetary Fund (IMF), the Ministry has set up two new units – one for improving the institutional and financial planning capacity and another for managing the public debts.
“Despite the global financial crisis, the Kingdom of Saudi Arabia was able, thanks to its strong economic basics, to achieve a growth rate of four percent which is considered the best performance among the G-20 countries in the last decade,” Al-Assaf pointed out.
The sharp decline in the oil prices since June 2014 added strains on the national economy.
However, the prudent financial policy of the Kingdom which focuses on the strengthening the financial position and stimulating economic growth, helped reduce the public debt to below two percent of the GDP, thus alleviating the impacts of the decline of the oil revenues, he added.
The two-day conference discusses the global financial landscape in 2016, the macro-economic outlook with emphasis on oil strategy and global markets, the fiscal policy and the economic reform programs, the future of the Kingdom’s debt and equity markets. (end) od.gb

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