Minister of Finance Dr Ibrahim Al-Assaf has reiterated the keenness of the Custodian of the two Holy Mosques King Abdullah bin Abdulaziz on enabling all categories of the Saudi society, notably those of limited income, to benefit from the Royal order pertaining to increase of salaries. In a statement to the SPA and the Saudi Television last night, Dr Al-Assaf said the Royal order in this respect will be implemented effective 1.9.1426. 'As regards the support due to be extended to the funds and economic sectors, it will take place at the beginning of the new fiscal year', he noted. On the possibility of the increase of prices of commodities following the Royal order, Dr Al-Assaf said 'in a country with an open economy like the Kingdom of Saudi Arabia, increase of prices of commodities will be very limited'. He underlined the importance of cooperation of the Ministry of Finance and the Saud Arabian Monetary Agency (SAMA) to prevent increase of prices of commodities. Dr Al-Assaf pointed out that the Royal order pertaining to the increase of salaries comes in line with the policy of economic reform being implemented by the Saudi Government, and added 'the policy of rationalization of expenditures will continue'. Underscoring the importance of the Royal order to increase the budget of the Industrial Development Fund by SR 13 billion to SR 20 billion, Dr Al-Assaf said this development would have a positive impact on the industrial sector and would positively contribute to extending incentives to the industrial investments.
