Saudi economy shows high resilience despite global challenges: Alsayari

Ayman Alsayari, Governor of the Saudi Central Bank (SAMA)

Saudi Arabia’s economy demonstrated high resilience despite global economic challenges, Al Eqtisadiah newspaper reported, citing Ayman Alsayari, Governor of the Saudi Central Bank (SAMA).

Speaking before the International Monetary and Financial Committee (IMFC) as part of the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington, Alsayari explained that this resilience is reflected in lower inflation rates, strong growth in non-oil sectors, a record-low unemployment rate, and continued strength in the banking sector, showcasing the progress made under Vision 2030.

Saudi Arabia has contributed over $200 million to the IMF’s Poverty Reduction and Growth Trust and provided developmental aid exceeding $36 billion since the onset of the pandemic.

SAMA’s Governor added that the rising burden of global sovereign debt underscores the importance of achieving sustainable fiscal management, supported by reliable reforms in public finance and debt management, to rebuild financial reserves and address debt sustainability risks.

Moreover, he highlighted the importance of international cooperation due to rising debt levels, liquidity pressures, and economic vulnerabilities in many low-income and developing countries, in order to prevent these challenges from escalating into a widespread debt crisis that could threaten the stability of the global financial system.