18/04/2011
Al-Assaf affirms strength of Saudi banking sector
Finance Minister Ibrahim Al-Assaf has emphasized the strength and safety of
the Kingdom's banking sector, adding that the sector enjoys high profitability
and financial solvency.
Addressing a meeting of the International Monetary and Financial Committee of
International Monetary Fund, he reiterated Saudi Arabia's commitment to
strengthening oil market stability, protecting the interests of both producers
and consumers.
Al-Assaf, who is the Kingdom's governor to the IMF, spoke about the current
situation of the global economy and the IMF's role in confronting the
challenges of the global economy.
He said the royal decrees issued by Custodian of the Two Holy Mosques King
Abdullah providing temporary allowances to the unemployed and increasing
spending on housing programs would strengthen the social safety networks.
The minister said the Kingdom's economy was making strong performance thanksto large-scale government spending in infrastructures projects and socialsectors.
