Al-Riyadh Will Saudi Arabia become bankrupt within four years? This question was raised by Deputy Economy Minister Mohammed Al-Tuwaijri during a television talk show recently. The minister said if the oil price remains between $40 and $45 a barrel and the Kingdom does not take economic austerity measures by rationalize spending, in view of bad global economic situation, Saudi Arabia will surely become bankrupt in three to four years. He continued: "This is quite certain due to the fluctuation in oil prices, the country's only source of income, depletion of strategic reserves and its inability to take loans." In my opinion, the debate should not be on whether the Kingdom would become bankrupt or not. Many countries have suffered economic difficulties in the past. Argentina and Greece are good examples. But the Kingdom's economic situation is different from others. Saudi Arabia is replete with a variety of resources and it's time to make use of them, especially after a 70 percent fall in its oil revenue. The Kingdom has been depending on oil revenue for 90 percent of its budget spending. This rings the warning bell in the strongest manner. Today's situation is unprecedented and different from previous crises in the global oil market because of challenges such as terrorism, Iranian attempts to create chaos in the region and the war in Yemen. The Kingdom's difficult economic situation comes at an important turning point in history and it is high time for the government to look for other sources of revenue to save the country from falling into bankruptcy. However, I don't think Saudi Arabia would face such a bad economic situation thanks to its human and material resources. Saudi Arabia with its young men and women is capable of taking the country to new heights of progress and prosperity by increasing productivity. However, the Saudi national cadre requires greater support, training and incentives from the authorities. Time is ripe for young Saudi men and women to start free enterprises and business activities instead of waiting for government jobs. We should know that there is a limit for government departments to employ the national cadre. They can fill only those jobs that are essential so that employment would not become a burden on the state as well as on the national budget. We have to seek ways and means to develop Haj and Umrah sectors to earn more revenue, strengthen national industries and woo foreign investment. We should also promote domestic tourism and attract more people to visit the holy places for Haj and Umrah throughout the year. We should invest in our seaports and develop them into free ports to boost trade, invest in airports as free trade zones to serve as a link between the east and west. Saudi Arabia's strategic position between Africa, Europe and Southeast Asia will help it draw huge amounts of investment. At the same time we have to invest in our national manpower by providing young Saudis with advanced education and training, exert greater efforts to bolster the industrial sector and make full use of every resource and every grain of sand in the country. We have lots of opportunities at hand. I am quite confident that Saudi Arabia is capable of overcoming the current economic crisis thanks to its wise leadership and efficient and young manpower. And I am sure Saudi Arabia would not become bankrupt as a result of its long-term plans to confront challenges and invest in resources, which will bolster the Kingdom's progress for us and future generations.
