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The Kingdom’s economic policies
 Washington 30th April 2001

  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 laundering operations.

Source: SPA

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03 May 2001 06:40:59 PM

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