Saudi Arabia has ‘solid’ economic growth: Al-Jadaan

Saudi Arabia’s economic indicators are showing “solid” growth, thanks to various fundamentals which help the country maintain strong growth and development, official news agency SPA reported on Thursday, citing Finance Minister, Mohammed Al-Jadaan.

Al-Jadaan lauded the Kingdom’s expansionary budget for the current fiscal year, as it demonstrates the government keenness to make a balance between enhancing its financial position and stimulating economic growth.

Positive results were clear, as the Saudi fiscal deficit witnessed a steep decline last year, when compared to 2016.

The Saudi government is looking to improve citizen’s living standards by providing more job opportunities, high-quality public services and support for Saudi nationals amid the current fiscal reforms.

“The Ministry of Finance is aiming to develop the financial sector, to build a diversified and comprehensive industry that cater for different financing needs, and diversify financing channels for the public and private sectors,” Al-Jadaan added.

The ministry is also targeting to boost liquidity in the equity and debt markets to provide alternative financing options and this goal is backed by the banking sector’s strong growth.

Meanwhile, the Kingdom’s strategy to sell sukuk and bonds in international markets helped alleviate pressure on local banks’ liquidity, which enhanced the sector performance, he added.