Minister of Finance Dr. Ibrahim bin Abdulaziz Ala'ssaf delivered a speech at the 4th Euromoney Saudi Arabia Conference which was opened here today. Following is the text of the speech: Distinguished guests, Ladies and gentlemen I am honored to welcome you to this important conference, and the Ministry of Finance is pleased to work in cooperation with Euromoney to organize it for the fourth consecutive year. This conference has become an important event anticipated by an increasing number of those interested in following developments in the Saudi economy, from both inside and outside the Kingdom. I would like to thank everyone who is participating in this conference, including ministers and representatives of the private sector, and I would also like to thank Euromoney for its efforts to prepare and organize the conference. In particular, I would like to thank my friend Padraic Fallon, chairman, Euromoney Institutional Investor, for his personal involvement in this conference and for attracting this important number of participants from all over the world. Ladies and gentlemen, This conference is being held in the shadow of a global financial crisis that has resulted in a worldwide economic recession. The IMF's latest projections are for the global economy to shrink by 1.3 percent in 2009, while the rate of shrinkage is expected to fall beginning in the second quarter of 2009, with economic growth resuming in 2010 at the rate of 1.9 percent, which according to the IMF, is slower than the usual rate during periods of recovery. The global economy is suffering from low levels of confidence and demand, but it is hoped that the stimulus packages adopted by numerous countries will help to restore confidence and spur economic growth. No doubt you have followed the international efforts made to confront the crisis, most notably the decisions taken at the two G20 summits held in November 2008 in Washington and early last month in London, in which Saudi Arabia played an active role. The G20 countries adopted a number of measures and policies aimed at restoring confidence and economic growth. Among the most significant of these was the decision to reform financial sectors in the countries that have defects in these sectors and assign to the IMF the task of evaluating on a regular basis the measures and policies adopted by the G20 countries, as well as enhancing the Fund's surveillance. in particular, this surveillance will cover all countries including developed countries, and all financial institutions including hedge funds, financial derivatives, and credit rating agencies, which Saudi Arabia has been requesting for a long time, along with the approval to support the IMF resources. It was also decided to expand the membership of the Financial Stability Forum and to rename it the Financial Stability Board, with membership expanded to include the remaining G20 countries, including Saudi Arabia to strengthen its effectiveness as a mechanism for national authorities, international standard setting bodies, and international financial institutions to address vulnerabilities and to develop regulatory and supervisory policies in the interest of financial stability. --More
