Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz chaired the Cabinet's session held here today. At the outset of the session, the Custodian of the Two Holy Mosques briefed the cabinet on the talks, meetings and consultations he held last week with a number of State leaders, their envoys and representatives of world organizations on the bilateral relations, issues of the region, world affairs and the consequences of the world financial crisis. In a statement to Saudi Press Agency following the session, Minister of Culture and Information Iyad Madani said in this context, the Cabinet commended the results of the extraordinary meeting of the finance ministers and governors of monetary agencies and central banks of the Gulf Cooperation Council which was held here on Saturday and stressed the strength of the GCC countries' economies and their continued growth as well as the strength and stability of the banking system which enables them to deal with the possible effects of the international financial crisis. The Cabinet stressed the statement's assertion on the continuation of strengthening the control capabilities of the financial sector to deal with world financial developments. The Cabinet also affirmed the importance of continuing coordination among the GCC countries to avoid and lessen any negative effects on the region due to this crisis. The Minister of Culture and Information said the council also reviewed the results of the extraordinary conference of the OPEC organization which was held in Vienna on Friday. --More
