Saudi Arabia Promises To Ensure Oil Market Stability

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Saudi Arabia has reiterated its commitment to the stability of the international oil market.

“The Kingdom of Saudi Arabia is committed to maintaining the stability of oil market, and striving to achieve the market’s stability in order to support the growth of global economy,” Finance Minister Ibrahim Al-Assaf, said addressing the 27th meeting of the International Monetary and Financial Committee (IMFC) in Washington on Saturday.

Al-Assaf highlighted the strong economic growth achieved by the Kingdom compared to the slow growth in the global economy in addition to some issues related to the International Monetary Fund.

He said Saudi Arabia’s budget for 2013 put stress on robust and sustainable growth of the economy with focus on employment generation, infrastructure development, education, training and health.

He added that the high growth and moderate inflation reflected the strong performance of the Saudi economy.

He stressed the soundness and safety of the banking sector in the Kingdom, and emphasized that Basel III requirements were being implemented.

Al-Assaf is leading the Kingdom’s delegation to the meeting. It includes Governor of Saudi Arabian Monetary Agency Fahd Al-Mubarak and Deputy Chairman and CEO of the Saudi Development Fund Yusuf Al-Bassam.

Arab News

Arab News is Saudi Arabia's first English-language newspaper. It was founded in 1975 by Hisham and Mohammed Ali Hafiz.

Today, it is one of 29 publications produced by Saudi Research & Publishing Company (SRPC), a subsidiary of Saudi Research & Marketing Group (SRMG).

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