1999 News Story

Finance Minister Reviews Saudi Economy at IMF Meeting

Minister of Finance and National Economy Dr. Ibrahim Al-Assaf today addressed the interim committee of the International Monetary Fund (IMF) and gave a review of the economic situation in Saudi Arabia. He stressed the soundness of the Kingdom's economic bases under the prudent policies of the Government of Custodian of the Two Holy Mosques King Fahd Ibn Abdul Aziz and Crown Prince Abdullah Ibn Abdul Aziz, but stated that difficulties resulting from the fall in oil prices and from crises in global financial markets have made it necessary to intensify efforts to strengthen its financial situation. In this context, he emphasized that the impact of the acute fall in oil prices was not confined to oil exporting countries but also hit the world economy through the fall of overall demand in the world. He said Saudi Arabia was continuing its efforts to realize stability in the oil market, and made reference to the latest agreement among major oil producers, pointing out that the uncertainty of the prospects requires all countries, particularly the industrial group, to take measures to strengthen the potential of economic growth.

Dr. Al-Assaf went on to urge the international community to support the people of Kosovo, and to confront the impact of the crimes committed by the Serbs: ethnic cleansing, atrocities, genocide, displacement and forced migration. He added that Saudi Arabia has exerted and will continue to exert great efforts to assist the Kosovars and alleviate their suffering.