The Council of Ministers stressed here Monday the need to enhance control of the financial sector and to strengthen its potential through coordination among GCC countries to face the negative impact of the global economic slowdown. The Cabinet chaired by King Abdullah, Custodian of the Two Holy Mosques, praised the outcome of the extraordinary meeting of GCC finance ministers and central bank governors in Riyadh Saturday which stressed the strength of the GCC economies and their growth despite the global crisis. The GCC finance ministers' meeting also emphasized the strength of the banking system of the GCC member states, their stability and ability to deal with the impact of the global economic meltdown. In a statement to Saudi Press Agency (SPA), Culture and Information Minister Iyad Madani said the Cabinet reviewed the outcome of the OPEC meeting held in Vienna Friday and stressed the importance of achieving balance in the oil market to ensure producers' and consumers' interest. The Cabinet emphasized the Kingdom's keen interest to achieve oil market stability and avert sharp fluctuations by meeting the market requirements. It said the Kingdom was committed to cooperate with all producers within and outside OPEC and intensify dialogue with consumers. New leave scheme The Cabinet endorsed a proposal for granting a maximum of 30 days leave within the Kingdom and 60 days outside the Kingdom in a year to government and private sector employees working in the educational sector for participating in national events. Physical training supervisors and teachers will get 45 days leave within the Kingdom and 75 days outside the Kingdom in a year. Employees working for the government and private sectors and the military would be given 60 days leave within the Kingdom and 90 days outside the Kingdom. Students from general public education must provide a permission letter from their guardians allowing them to participate in sports, cultural and social activities within and outside the Kingdom during the two semesters. But their participation should be stopped one month before the beginning of their semester exams. Administrators, technical staff, coaches, and refrees will participate in these activities on secondment basis and will be given travel allowance, including tickets by the Presidency of the Youth Welfare and the Ministry of Culture and Information and departments seeking their participation. In the case of women's participation in any cultural, social or sports activities, departments assigning them should provide ticket, accommodation and food for one guardian accompanying each of them. The Cabinet approved a memorandum of understanding on mutual political consultations between the Saudi and German foreign ministries. __
