Spending going with a good pace according to expectations .. and growth between 4 and 5% .. Alassaf:
Saudi Arabia has the lines of defense to counter the drop in oil prices
Dr. Ibrahim Al-Assaf, Minister of finance said that Saudi Arabia has made progress in diversifying the economic base, this is evident from the figures on the increase in the contribution of the private sector in the growth amounted to less than 60 per cent, while growth in the petroleum sector.Al Assaf stressed during a press conference held yesterday evening at the Conference Palace in Jeddah after talks with Dr. Jim Kim, the President of the World Bank Group that has the lines of defense in the event of low oil prices, noting that volume growth is expected by the end of the year will be similar to the size of last year, growth rates of between 4-5 percent. In response to a question for the ' economic ' around the time they need Saudi Arabia to find effects of economic diversification, and the adoption of the State budget on the non-oil sector, Al-Assaf said we see the impact annually through numbers and increase the private sector's contribution to this growth to less than 60 per cent, indicating significant progress and diversification of the economic base.
In reply to another question for the ' economic ' about his expectations for growth in the economic performance of the Kingdom by the end of this year amid rising government spending and capital expenditure during the past five months, the Finance Minister predicted that the growth rate of 4 percent, according to IMF projections, we hope to be more '. He stressed that Saudi Arabia going according to plans developed by itself since the budget announcement on spending; saying spending is a good pace and in accordance with established prospects for public spending plans. And the oil reserves and the extent of the Kingdom in its investment in birth, Dr. Ibrahim Al-Assaf said the first reserves were inflated and the Government invested in the industrial sector is very large, both through the industrial development fund or the public investment fund and in creating infrastructure through industrial property authority. Noting that the Government has failed to support the industrial sector.
And about the expectations of the President of the World Bank on the situation in Syria and implications, said Jim Kim, the Bank prepared a report on the situation in Syria last summer, the Bank said in its report that there are serious indicators portend catastrophe, especially under the collapsed economic situation in the country, but more importantly awareness now is preparing the region for peace, and then the reconstruction of infrastructure to the return of displaced Syrians to complete their education and go to their, And get the right treatment, stressing that worsened the situation in Syria is tight for the whole world because of its effect. And the Bank's role in supporting Egypt, especially after the end of the election period and the start of stability, Kim said that the Bank will continue to support the Kingdom and Egypt, with total support of $ 4.7 billion. And support for King Abdullah's recent education sector by 80 billion riyals, Kim praised the support as important to support long-term economy and encourage economy as anticipated rates of between 3-8 per cent in the long term.