Custodian of the Two Holy Mosques King Fahd bin Abdul Aziz Al Saud today received the 35th annual report of the Saudi Arabian Monetary Agency (SAMA) during his meeting at his office at the Secretariat General of the Council of Ministers at Al-Yamamah palace with Dr. Ibrahim bin Abdulaziz Al-Assaf, Minister of Finance and National Economy, Hamad Al-Sayyari, Governor of SAMA and senior officials of SAMA. The audience was attended by Crown Prince Abdullah bin Abdul Aziz, Deputy Premier and Commander of the National Guard, Prince Sultan bin Abdul Aziz, Second Deputy Premier, Minister of Defense and Aviation and Inspector General, Prince Abdul Aziz bin Fahd bin Abdul Aziz, Minister of State and Member of the Cabinet, and senior royal protocol officials.
The report said that in the field of social affairs, the government has continued to focus on the development of human resources. In this context, it had accorded considerable attention to the enhancement of education, training, health and social security. The report declared that the Saudi economy had met most of its objectives during the preceding developmental phases. Al-Sayyari described the Kingdom's economic policy as one of openness to external markets. He said that most infrastructure projects had been completed to the highest standards. He said the private sector was playing a greater role in economic activity in an environment marked by stability in prices, including exchange rates. He said that although we feel proud of past achievements, our ambitions go much further. 'We seek to create all the conditions necessary for the Saudi economy to achieve regular and sustained growth, in line with the growth in population', he stated. At present, the Saudi economy faces many challenges which have to be confronted with determination and persistence, he said. Of these, the most prominent are;
- the impact of continued fluctuations in world oil prices on the domestic economic growth
- a slow-down in the growth of real domestic product, compared to population growth
- the ensuing challenges to maintain the level of social welfare, to create employment opportunities, to balance the budget and to reduce public debt.
He said that, in the light of globalization taking place in the international economy and the challenges which it constitutes for the Saudi economy, there is a need for a continued review to bring about the structural reforms necessary to ensure optimum utilization of available economic resources. This includes the enhancement and acceleration of privatization programs, the mobilization of domestic and foreign savings for investment in productive sectors, and progressing Saudi-ization programs, he added.
He paid tribute to King Fahd's order to establish the Supreme Economic Council which would give the country's economic affairs a level of attention commensurate with its role in both domestic and world economic developments. Its high ranking membership under the chairmanship of Crown Prince Abdullah will, no doubt, enhance co-ordination between the various economic sectors, and expedite the decisions necessary for the achievement of economic targets.
Source: SPA