The Saudi Minister of Finance and National Economy, Dr. Ibrahim
Al-Assaf has stressed that the Government of the Custodian of the Two
Holy Mosques, King Fahd bin Abdul Aziz, will continue to implement
expedient economic policies.
In an address at a meeting of the Monetary and Financial Committee
of the International Monetary Fund (IMF), which began its
deliberations here yesterday, Al-Assaf said: “The Kingdom will
continue to implement the necessary structural reforms aimed at
enhancing the potential of the Saudi economy. These reforms are
necessary to support the Kingdom's ambitious national development
programs and to respond positively to emerging international economic
and financial developments.”
Al-Assaf, who is heading the Kingdom's delegation to the meeting
said: “The continuing stable performance of the Saudi economy
reflects the improvement in the financial situation and the foreign
account and the increase in the contribution of the non-oil sectors to
the Saudi economy.”
Dr Al-Assaf said that the Gross Domestic Product (GDP) had reached
about SR 649 billion: “The strong performance of the Saudi economy
not only reflects developments in the oil markets, but also noticeable
progress in creating a positive environment for the private sector to
continue its pioneering role in the process of diversifying the
productive base,” Dr Al-Assaf said.
In this context, he noted the growth in the non-oil industrial
sector had reached 7.85 [per cent].
Dr Al-Assaf referred to the new regulations endorsed by the
Government during the last two years. Dr Al-Assaf said procedures for
the stock market regulation are in an advanced stage of progress.
“In addition, the Government is also studying regulations for
taxation,” he added.
In his speech, Dr Al-Assaf focused also on a number of economic and
financial topics at the international level. He underlined the
importance of eliminating the existing restrictions on trade.
The agenda of the meeting includes a number of topics such as
simplifying conditions of the IMF and the role of the private sector
in preventing the misuse of international economic order. In this
context, Dr Al-Assaf stressed that the Kingdom of Saudi Arabia had
been among the first countries to endorse measures against money