Saudi stimulus plan to boost demand, output

WASHINGTON. April 27. KAZINFORM Saudi Arabia has adopted a series of measures to ensure continuity of economic growth, said Finance Minister Ibrahim Al-Assaf. ?The most important among them is an investment program worth $400 billion in the public and oil sectors for the next five years,? he told a meeting of the International Monetary Fund and World Bank, Kazinform refers to The Arab News.
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The joint IMF-World Bank development committee was yesterday focusing on the aid to developing countries battered by the global financial crisis that is pushing millions more into poverty. Al-Assaf said Saudi Arabia?s economic stimulus program was aimed at strengthening the capabilities of the economy and increasing the Kingdom?s oil production capacity. ?We have also unveiled this year the largest fiscal budget in the Kingdom?s history, with the aim of increasing local demand and production. We have increased allocation for infrastructure projects by 36 percent compared to last year,? the minister added. Al-Assaf said the Kingdom?s monetary policies were aimed at achieving financial stability, ensuring adequate liquidity and reducing the cost of lending. ?Our banking sector is strong and safe and enjoys high profitability and solvency,? he said. The Kingdom?s economic performance in 2008 was strong despite global financial crisis and fall in oil prices, Kazinformcites The Arab News. See www.arabnews.com for full version.
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