Saudi Finance Minister Muhammad Al-Jadaan said that inflation in 2023 will decline in Saudi Arabia, thanks to our proactive steps.
Al-Jadaan said during his participation in the World Economic Forum in Davos in Switzerland today, Wednesday, that the Kingdom was among the first to anticipate the global inflation crisis, and it was dealt with early.
“We saw signs of inflation in July 2021, and we took many measures to protect the Saudi economy from the consequences of inflation, as energy prices were frozen locally, and this contributed to the average inflation in the Kingdom reaching 2.6%, at a time when it reached more than 8% globally during 2022.” according to Al-Jadaan.
He added that Vision 2030 marked a turning point in the way of thinking about our economy, its diversification, financial and social reforms, and financial discipline, saying: “The importance of Vision 2030 lies in its long-term time frame for implementing plans and investments in Saudi Arabia, which made a difference in the way of dealing with global crises during the past three years.” .
He continued, “We invested a lot in the field of technology, as we succeeded with the Covid crisis in moving quickly to virtual work in many sectors and government services, such as health, education, and others… and this teaches us to be proactive.”
The Saudi Finance Minister said that the Kingdom is changing the way it provides aid to its allies from providing direct grants and deposits without conditions.
“We used to provide grants and direct aid without conditions, and we are changing that, and we urge the countries of the region to carry out reforms,” he added.
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“The aid that the Kingdom will provide to other countries will be conditional on reforms. We need to witness reforms. We want help, but we want you to play your part,” according to Al-Jadaan.
He continued, “We have done a lot of work to stimulate the Saudi economy and help the global economy.”
Mohammed Al-Jadaan, Saudi Minister of Finance
Saudi Finance Minister Mohammed Al-Jadaan said that China is “very important to Saudi Arabia” and its largest trading partner, “but the United States is also a very important and strategic partner.”
“Our goal is really to build bridges and to be a communication force and we encourage communication, whether it is China, the United States or others,” he added.
And he continued: “There are some initiatives that we have taken through the G20, where we had many contacts with our colleagues in America and China to try to agree on some differences of visions in order to reach what is in the interest of the world, whether with regard to food security or energy security, whether traditional or renewables, including hydrogen.
And he added, “We play our role, and you can count on Saudi Arabia to continue playing this role.”