The King and Crown Prince Sultan received the Minister of Finance, Dr. Ibrahim Bin Abdul Aziz Al-Assaf and the Governor of the Saudi Arabian Monetary Agency (SAMA), Hamad Bin Saud Al-Sayyari, who presented to the King the 44th annual report of the Agency. The Governor of SAMA presented the annual report, which reviews the latest economic and financial developments in Saudi Arabia. Throughout 2007 for the fifth consecutive year the economy grew strongly with a 3.4 percent increase in the Gross Domestic Product (GDP), Al-Sayyari said. The Governor said that the general finance of the state has allowed for a surplus of 12.3 percent of GDP. Al-Sayyari said if the current trends continue he forsees continued success in the future for the economy. He said inflation is a natural result accompanying strong economic growth. Inflation increased to 4.1 percent in 2007, then to 11.1 percent in July 2008 before it decreased to 10.9 percent in August 2008. Al-Sayyari said the phenomenon of inflation was a major concern to the King, who issued directives to combat inflation and alleviate its effects on society while maintaining the progress of development. The world is going through a crisis that is threatening economic growth and financial stability in many of the major countries around the world, Al-Sayyari said. Those countries were forced to take extraordinary measures in order to protect financial stability as well as reviewing their regulations in economic oversight. Conservative policies and precautionary measures adopted by SAMA in Saudi Arabia helped guarantee a strong and stable local financial system protecting it from the fallout of the loss in other economies around the world. The King praised Almighty Allah for bestowing the blessing upon the Kingdom, expressing his thanks and appreciation of all the Agency's employees and wishing them all success. Later the King held an Iftar party in honor of the Prime Minister of Lebanon. The party was attended by a number of princes, ministers, and officials.
