Government support helped contain COVID-19 crisis, says Al-Jadaan

Mohammed Al-Jadaan, Saudi Minister of Finance and acting Minister of Economy and Planning, said that the government support has much helped contain the coronavirus crisis.

The Kingdom is developing clear plans to diversify its economy, Al-Jadaan added, during the Euromoney Saudi 2020 conference today.

The Kingdom is focusing on finding other channels for public revenues, the minister explained, noting that future plans are being developed to diversify Saudi Arabia’s economy and avoid fluctuations.

In addition, the Saudi Arabia Monetary Authority (SAMA) has provided huge liquidity during the coronavirus crisis to help the private sector maintain its operations.

Meanwhile, Saudi Arabia is optimistic as the public, and private sectors resumed work amid precautionary measures.

Al-Jadaan added that all economic sectors received sufficient support from the government, expecting extension of support for the private sector.

“The COVID-19 pandemic will not impact our long-term plans,” the minister added, noting that Vision 2030 focuses mainly on economic diversification and the private sector empowerment.

The Saudi minister affirmed that the Kingdom has continued to invest in infrastructure and technology sectors since the beginning of the year, and is committed to proceed with new projects.

“The Saudi economy has demonstrated very positive signals, with a strong response from the local tourism sector after reopening the economy,” he said, adding that the domestic tourism witnessed a10% growth.

Al-Jadaan also underlined that Saudi Arabia has provided over SAR 218 billion in support packages to the private sector during the COVID-19 crisis.

In addition, the Saudi Arabian Monetary Authority (SAMA) liquidated almost SAR 70 billion assets, which could be injected in the private sector to ensure the sustainability of its activities. Meanwhile,SAMA pumped huge funds in the banking industry.