RIYADH — The Council of Ministers on Tuesday hailed the report of the International Monetary Fund (IMF) that lauded Saudi Arabia's leading role in international cooperation and the rapid steps it has undertaken towards achieving the goals of Vision 2030.Crown Prince and Prime Minister Mohammed bin Salman chaired the Cabinet session in Riyadh on Tuesday. In a statement to the Saudi Press Agency following the session, Minister of Media Salman Al-Dossary said that the Cabinet expressed appreciation of IMF's Article IV Consultation report, in which the IMF acknowledged the Kingdom's continuous efforts to diversify its economy, expand its economy base, and carry out comprehensive structural reforms. At the outset of the session, the Crown Prince briefed the Cabinet on his recent meeting with the Russian minister of foreign affairs, with whom he discussed bilateral cooperation and ways to boost it. They also discussed the latest regional and international developments with a focus on collaborative efforts to promote security and stability. Al-Dossary said the Cabinet session reviewed the outcomes of Saudi Arabia's participation in various meetings during which the discussions emphasized the Kingdom's commitment to fostering joint international action aimed to achieve progress in various fields, and to contribute to efforts that bring about global development and economic prosperity. The Cabinet commended the outcomes of the 161st session of the Ministerial Council of the Gulf Cooperation Council (GCC) and the GCC meetings with Russia, India, and Brazil. The session underscored the Kingdom's dedication to advancing Gulf cooperation at all levels and to supporting initiatives taken to strengthen Gulf ties with other countries. The Cabinet reviewed the outcomes of the OPEC+ meeting, in which the Kingdom and seven other members agreed to extend voluntary production cuts by 2.2 million barrels per day until November 2024. The Cabinet also acknowledged the success of the recent Fintech conference, held in Riyadh, and the promising developments shown on the occasion, which reflect Saudi Arabia's aspirations to become a global fintech hub. The session lauded Saudi Arabia's successful bid to host the 6th UN World Data Forum in 2026, granted in recognition to the Kingdom's achievements in the statistical sector and its track record in hosting successful international events. The Cabinet reviewed the ongoing Arab-Islamic efforts to support the establishment of a Palestinian state, restore the Palestinians' legitimate rights, and halt Israeli occupation forces' violations of international and humanitarian laws. The Council commended the efforts of the Aligned for Advancing Lifesaving and Peace in Sudan Group to alleviate the suffering of the Sudanese people, as well as to expand the delivery of humanitarian aid, and work toward a ceasefire agreement. The Cabinet took a number of decisions and these included approval of a memorandum of understanding (MoU) for cooperation in the fields of electricity, renewable energy and clean hydrogen between the governments of Saudi Arabia and Mauritania, and another MoU on political consultations between the Saudi Ministry of Foreign Affairs and the Ministry of Foreign Affairs of Nicaragua. The Cabinet authorized minister of interior or his deputy to discuss and sign with the Uzbek side a draft MoU for cooperation in the field of civil defense and civil protection. It authorized the minister of investment or his deputy to discuss and sign with the Paraguayan side a draft MoU for cooperation in promoting direct investment. The Cabinet approved a MoU on preventing and combating corruption between the Saudi Oversight and Anti-Corruption Authority and Iraq's Federal Commission of Integrity. The Council authorized minister of education and chairman of the board of directors of the Technical and Vocational Training Corporation or his deputy to discuss and sign with the Tajik side a draft MoU in the field of technical and vocational training between the corporation and the Committee on Primary and Secondary Vocational Education of Tajikistan. The Cabinet also approved a model MoU for cooperation in the non-profit sector between the Saudi National Center for Non-Profit Sector (NCNP) and its international counterparts and authorized the minister of human resources and social development and chairman of the NCNP board of directors or his deputy to discuss and sign with the center's counterparts a draft MoU for cooperation in light of the aforementioned model.
