SVB collapse highlights importance of supervision; Saudi regulatory framework ‘on right track’: WB exec

16/03/2023 Argaam

SVB collapse highlights importance of supervision; Saudi regulatory framework ‘on right track’: WB exec

Ferid Belhaj, World Bank Vice President for Middle East and North Africa

Ferid Belhaj, World Bank (WB) Vice President for Middle East and North Africa, said the failure of Silicon Valley Bank (SVB) underlined the importance of capital market and banking supervision to interact with economic reality.

 

The regulatory framework in the Saudi market is on the right track, Belhaj told Argaam on the sidelines of the Financial Sector Conference in Riyadh, stressing the importance of a transparent regulatory framework in the capital markets and banking system to revive investor confidence.

 

The massive social and economic reforms in the Kingdom are welcomed, being ongoing rapidly and efficiently for some years. This was directly reflected on investment inflows to the Kingdom and continued economic growth, Belhaj said, urging other countries in the region to follow suit of Saudi Arabia and adopt similar reforms.

 

Economic growth in the Kingdom reached high levels for two years. It recorded growth of 8% in 2022, Belhaj added, citing the WB’s forecasts for lower growth in the years to come, which is a watch factor. He also stressed the importance of economic diversification and openness to various sectors away from energy.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read