Al-Assaf speaks on Saudi economic situation at IMF Meeting

Riyadh, April 26, SPA -- Saudi Minister of finance Dr Ibrahim
Al-Assaf led the Saudi delegation to the meetings of the monetary and
financial committee of the international monetary fund, held in
Washington yesterday.

Addressing the meeting, Dr Al-Assaf shed light on the economic
situation in the Kingdom and the world in general in the light of the
current world economic crisis.


He noted that despite the economic crisis and decline of the oil
prices the performance of the Saudi economy in 2008 was strong.

Dr Al-Assaf said the Kingdom of Saudi Arabia has taken certain
measures including the implementation of the investment program at
the governmental and oil sectors for five years at a total cost of $
400 billion.


"The program aimed at enhancing the capabilities of the Saudi
economy and increasing the productive capacity of crude petroleum and
petroleum products".


This year the Kingdom announced the biggest budget in its history,
he said.


As regards monetary policy, Dr Al-Assaf said it aimed at realizing
stability in the financial sector and making the required liquidity
available.

He reiterated the strength of the banking sector in the Kingdom.


Dr Al-Assaf also welcomed the measures undertaken by the IMF for
confronting the financial crisis.

He praised the initiative of the IMF to combat money laundering and
financing terrorism.

On the fringes of meetings, Dr Al-Assaf met with advisor of the
Pakistani Prime Minister for financial and economic affairs Shaukat
Tarin. They reviewed the outcome of the donors conference held in
Tokyo mid-April 2009 as well as economic relations between the
Kingdom of Saudi Arabia and Pakistan.


He also met with Lebanese and Malaysian finance ministers and the
president of the international fund for agricultural development
(IFAD) in addition to the director general of IMF.


--SPA