Cabinet reviews global financial crisis, welcomes Syrian-Lebanese accord

October 20, 2008

Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz chaired the weekly Cabinet meeting in Riyadh today.


After a discussion of the global financial crisis, the Cabinet directed all concerned government bodies to monitor the situation carefully and address any aspects that might negatively impact the Saudi economy. It stressed the importance of continuing the Kingdom’s development projects, boosting economic growth and providing a safe investment environment.

In addition, the Cabinet reaffirmed the decision made by the Supreme Economic Council last week to guarantee the liquidity of Saudi banks and bank deposits.

On Lebanon, the Cabinet welcomed the recent Syrian-Lebanese agreement to establish diplomatic relations. It reiterated Saudi support for Lebanon’s security, stability, unity, and independent decision-making, and welcomed President Michel Suleiman’s visit to the Kingdom last week.

Several international agreements were authorized today, including agreements on fighting crime with Switzerland and Italy, respectively. An agreement with the United Kingdom on the avoidance of double taxation and the prevention of tax evasion and a Memorandum of Understanding on healthcare cooperation with Italy were also approved.

On domestic issues, the Cabinet authorized the formation of a national committee to implement recommendations on an asbestos management plan. The committee will be chaired by the General President of Meteorology and Environment Protection.

A number of government appointments were also approved.