2007 News Story

Finance Minister addresses IMF committee

Minister of Finance Ibrahim Al-Assaf discussed the Saudi economy and global oil markets in an address yesterday to the Monetary and Financial Committee of the International Monetary Fund (IMF). Al-Assaf is in Washington for the annual IMF/World Bank spring meeting.

In his remarks, Al-Assaf highlighted the steady economic development in the Kingdom, noting that the Kingdom has achieved a budget surplus, the deficit has shrunk, and job creation. The Saudi private sector has been a factor in this economic development, he said.

The Finance Minister also reiterated the Kingdom’s commitment to maintaining oil production capacity in order to ensure the stability of global energy markets.