Saudi Arabia to grow stronger in non-oil sector this year; Finance Minister

By Shilpa Annie Joseph, Official Reporter
  • Follow author on
Saudi Arabia
Representational Image

Saudi Arabia’s Minister of Finance Mr. Mohammed Al-Jadaan has stated that he is expecting stronger-than-expected growth this year in the non-oil sector underpinned by the structural reforms under Vision 2030.

According to the statement, “Mr. Al-Jadaan headed the Kingdom’s delegation in the Spring Meetings of the International Monetary Fund (IMF) and World Bank, which is held in Washington, DC from April 19 to 24, 2022.”

The minister stressed that “the disruptions from the pandemic are still with us, and we need to continue working together to address these disruptions.”

Regarding Global Policy Agenda, Mr. Al-Jadaan underscored that multilateralism is becoming more important now than ever to help the world overcome the rising challenges while safeguarding economic integration.

The Finance Minister strongly emphasized the importance of prudent climate policies to ensure stable energy market conditions and transition to a greener economy that is necessary for global economic stability. In that regard, the minister reiterated Saudi Arabia’s commitment to achieving the Kingdom’s goal of reaching net-zero emission by 2060 through the framework of the Circular Carbon Economy.

On the Saudi economy, Mr. Al-Jadaan confirmed that “the Kingdom remains committed to prudent policies to maintain monetary and financial stability and preserve a strong fiscal position while accelerating structural reforms to further enhance resilience against external shocks.”

The Saudi Minister also participated in the Development Committee of the World Bank Group where he flagged the importance of the IMF and WB joint work to tackle global economic setbacks stemming from the recent geopolitical tensions and the ongoing COVID-19 pandemic.

Furthermore, Mr. Al-Jadaan strongly emphasized the important role of the two institutions to support low-income countries, noting the need for improved collective efforts to accelerate international support to these countries.

Related: Uzbekistan eyes to expand its economic cooperation with Saudi Arabia