Saudi Arabia Urges Coordination on Economic Challenges

United Nations, October 14, SPA--Saudi Arabia has affirmed that the
imbalance between rich and poor countries can best be addressed if
states cooperate, under the auspices of the United Nations, to create
a vibrant investment environment that builds cohesion between
developed and developing countries.

In a speech delivered on Monday by Tariq Al-Fayez, the Second
Secretary at Saudi Arabia’s U.N. mission in a meeting of the U.N.
General Assembly’s second committee which deals with issues relating
to economic growth and development, he said, “We are all called upon
to act in genuine cooperation, together under the umbrella of the
United Nations, to create a healthy investment environment that
builds balanced economic relations between developing and advanced
countries.”

Al-Fayez also said that Saudi Arabia, through the Saudi Fund for
Development, has administered a number of grants to aid countries
with development projects. The Saudi government also has contributed
to International Monetary Fund initiatives on debt reduction for
developing countries, he added.
--SPA