Saudi economy strong enough to withstand coronavirus fallout: Al-Jadaan

 Saudi Arabia’s economy is strong and can withstand falling revenues and fiscal deficits as we are dealing with the fallout of the coronavirus pandemic flexibly and professionally despite pressures to reduce spending, Minister of Finance and Acting Minister of Economy and Planning Mohammed Al-Jadaan said on Saturday.

Al-Jadaan made these remarks in a statement congratulating Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman on the occasion of Eid Al-Fitr, Saudi Press Agency reported.

Praying for their good health and wellbeing, Al-Jadaan expressed sincere thanks and gratitude in his name and on behalf of the ministry’s employees to the leadership for their unlimited support and immediate decisions to mitigate the fallout of the pandemic on the Saudi economy, especially the private sector, individuals and investors.

The Kingdom under the wise leadership showed a great sense of responsibility and commitment toward the international community in the face of the pandemic, which was evident in its organization of extraordinary G20 summit, the minister said.

Under Saudi presidency, the G20 leaders decided to inject more than $7 trillion into the global economy to protect jobs, businesses and economies to offset the social, economic and financial impacts of the pandemic, Al-Jaddan noted.

Saudi Arabia also took a lead in the efforts to bridge the funding gap to develop vaccines, diagnostics and treatment tools for the coronavirus and by its generous contribution of $500 million to the cause, Al-Jaddan highlighted.