by: TN Media News:
In a strategic move to fortify its economic resilience, Saudi Arabia has successfully instituted a secure fund specifically designed to combat major global economic crises, according to Saudi Finance Minister Muhammad Al-Jadaan.
Speaking at a prestigious budget forum held in Riyadh, Al-Jadaan emphasized the paramount importance of the dedicated fund, stating that its purpose is exclusively reserved for addressing significant economic challenges. “Secured funds established for major and global economic crises cannot be used for any other purpose,” he asserted, highlighting the country’s commitment to managing economic uncertainties.
Al-Jadaan went on to detail the government’s multifaceted approach to enhance profitability and foster growth in the Saudi market. Addressing the audience, he stated, “We are actively engaged in numerous projects aimed at not only securing increased profits but also elevating the overall performance of the Saudi market.”
One notable aspect of Saudi Arabia’s economic strategy, as outlined by the Finance Minister, is the pursuit of financing strategies that strategically align with the country’s goals. Importantly, these strategies avoid direct competition with the private sector for liquidity in the banking sector. Al-Jadaan emphasized the government’s commitment to maintaining a higher-than-acceptable rate of domestic production without resorting to public debt.
This forward-thinking approach marks a departure from conventional methods, showcasing Saudi Arabia’s dedication to economic sustainability without burdening public finances. The government’s commitment to prudent financial management is underscored by its refusal to compete with the private sector for vital resources, thereby ensuring a stable economic trajectory.
As Saudi Arabia charts its course in an ever-evolving global economic landscape, the establishment of this crisis fund and the emphasis on strategic financial practices signal the nation’s proactive stance in safeguarding its economic well-being. The Finance Minister’s remarks provide insight into the meticulous planning and resolute measures undertaken by the Kingdom to navigate challenges and ensure a robust and resilient economy.
