Minister of Finance Dr Ibrahim Al-Assaf said in Washington Saturday that the Saudi economy was strong despite the economic crisis and decline in oil prices. Addressing a meeting of the Monetary and Financial Committee of the International Monetary Fund (IMF), he said the Kingdom had taken certain measures, including the implementation of a five-year investment program worth $400 billion. “The program aims at enhancing the capabilities of the Saudi economy and increasing the productive capacity of crude petroleum and petroleum products,” he said. This year the Kingdom announced the biggest budget in its history, he said. As regards monetary policy, Dr Al-Assaf said it was aimed at brining stability in the financial sector and making the required liquidity available. He reiterated the strength of the banking sector in the Kingdom. Dr Al-Assaf also welcomed the measures undertaken by the IMF for confronting the global financial crisis. He praised the IMF initiative to combat money laundering and financing terrorism. On the fringes of meetings, Dr Al-Assaf met the advisor of the Pakistani Prime Minister for financial and economic affairs, Shaukat Tarin. They reviewed the outcome of the donors conference held in Tokyo earlier this month as well as economic relations between the Kingdom of Saudi Arabia and Pakistan. He also met Lebanese and Malaysian finance ministers and the president of the International Fund for Agricultural Development (IFAD) as well as IMF director general.
