Saudi Arabia Says Capable to Deal with Pandemic’s Economic Impact

Finance Minister Mohammed al-Jadaan. File photo

Saudi Finance Minister Mohammed al-Jadaan reiterated that Saudi Arabia’s economy is solid. It has the ability to deal with the coronavirus pandemic despite the need to cut spending.

“The Saudi economy is able to absorb the drop in revenues and to deal with the budget deficit;” the SPA quoted him as saying on the first day of Eid al-Fitr on Sunday.

The government “firmly addressed this crisis with all determination, while prioritizing the safety and health of its citizens and residents.”

Jadaan also praised the government for its hard work to provide people with their basic needs; secure the necessary healthcare resources; and financially and economically support those most affected by the pandemic.

The Kingdom “showed a great sense of responsibility and commitment” by holding the extraordinary G20 Summit in the framework of its presidency of the group, and recommending to inject $7 trillion into the global economy to overcome the pandemic, he said.

Jadaan thanked the Saudi leadership over “its unlimited support,” and the decisions taken by the government to deal with the pandemic, including the initiatives to protect the country’s economy and support the private sector, its enterprises, low-income individuals and investors.

The Kingdom is the biggest economy in the region and one of the world’s largest oil exporters. But it is facing serious economic challenges as a result of low oil prices.

Measures to fight the coronavirus are likely to curb the pace and scale of economic reforms launched by Crown Prince Mohammed bin Salman as part of the Saudi Vision 2030.