AlHijjah 8, 1432, Nov 4, 2011, SPA -- Dr. Ibrahim bin Abdulaziz Al-Assaf, Minister of Finance and head of the Kingdom of Saudi Arabia's delegation to the G20, said that Saudi Arabia has the capabilities to cope with any negative impact on its economy, thanks to its reserves and the great capabilities offered by its economy. Had any wide-range setback in the European economic situations took place, this would affect, given Europe's economic effect, all economies of the world, including Saudi Arabia to some extent, he said in response to a question by the Saudi Press Agency. "However, let me confirm to you that the impact would be very limited, thanks to our appropriate means as was the case in 2009". He expressed hope that no setback would take place in any degree. On the ability of the G20 to restore confidence in the world markets and economy, the Minister of Finance said the most greatest success for the G20 was in London summit in March 2009. He said that meeting gave confidence to the world markets and economies, noting that as this group represents 85% of the world economy, it is able to deal with its problems. He cited the London summit as leading to positive results. Now, we are facing a new challenge, Europe, but the great burden will remain on European countries, he stated. At the same time, the world community will stand by the side of Europe and is ready for support through the IMF, Al-Assaf concluded.
