Saudi Arabia expects economic growth backed by non-oil revenues

oil revenues

Saudi Arabia’s economy is expected to grow, backed by its non-oil revenues, governor of Saudi Arabian Monetary Authority said on Saturday.

Ahmed al-Kholifey was speaking at the first meeting of the finance ministers and governors of the central banks of the Group of Twenty (G20) in Riyadh.

It was too early to see the full picture of the economic damage caused by the COVID-19, the governor was quoted as saying by Al Arabiya TV.

“We have a positive view on the Saudi economy. The forecasts are positive, and growth is expected to be higher than last year, especially from the private sector,” Kholifey said on the sidelines of the meeting.

During the meeting, International Monetary Fund Managing Director Kristalina Georgieva talked about COVID-19 outbreak in China.

“The Chinese authorities are working to mitigate the negative impact on the economy, with crisis measures, liquidity provision, fiscal measures, and financial support,” she said.

“Global cooperation is essential to the containment of the COVID-19 and its economic impact, particularly if the outbreak turns out to be more persistent and widespread,” Georgieva noted.

The G20 International Taxation Priorities Symposium was also held in Riyadh on Saturday on the sidelines of the meeting of finance ministers and governors of the central banks of the G20.

Saudi Minister of Finance Mohammed bin Abdullah Al-Jadaan said in a speech during the symposium that the kingdom is proud to host the G20 summit and looks forward to working with the G20 partners to find solutions for upcoming challenges. Enditem

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