Economic, financial reforms help Saudi Arabia weather COVID-19 impact: Al-Jadaan

Mohammed Al-Jadaan, Saudi Minister of Finance

Mohammed Al-Jadaan, Saudi Minister of Finance and Governor of Islamic Development Bank (IsDB), said the economic and financial reforms implemented by the Kingdom in light of Vision 2030 largely enabled the Kingdom to weather the COVID-19 pandemic impact. The advanced digital infrastructure in Saudi Arabia also helped maintain business and the educational process.

Saudi Arabia significantly contributed to combating the pandemic, driven by its keenness on humanitarian and development activities for Islamic peoples and countries, Al-Jadaan said in a speech during the annual meetings of IsDB.

The Kingdom will continue to support IsDB to maintain its services for Islamic peoples, citing its subscription to the sixth capital increase of the bank.

The Islamic world is witnessing exceptional circumstances, due to the pandemic fallout. It needs more cooperation to face the challenges as well as the economic and development fluctuations suffered by Islamic countries.

Al-Jadaan also stressed the importance of enhancing integration between the IsDB group institutions and the importance of integrated strategies to realize the group’s objectives of strengthening economic and social development in Islamic countries.

The Saudi minister also lauded the Saudi Green Initiative and the Middle East Green Initiative, calling on IsDB to benefit from the carbon circular economy concept, which was approved by the G20 in 2020.