Saudi Press

Saudi Arabia and the world
Monday, Oct 02, 2023

Positive ratings of agencies reflects effectiveness of economic reforms

The Cabinet session, chaired by Custodian of the Two Holy Mosques King Salman on Tuesday afternoon at Al-Salam Palace here, praised the positive assessments of the credit rating agencies on Saudi Arabia’s economy, calling it a reflection of the effectiveness of the economic reforms taken by the government within the framework of the Fiscal Sustainability Program.
The program focuses on developing the medium-term fiscal planning mechanism to sustain the public finances and achieve a balanced budget, while maintaining economic growth rates via diversifying revenue sources, raising the efficiency of government spending, and stimulating the private sector.

The Cabinet also commended the outcomes of the 2nd edition of the Global AI Summit, including the signing of 40 agreements and memorandums of understanding between the public and private sectors from Saudi Arabia and abroad, as well as the announcement of eight local and international initiatives to enhance international cooperation.

They stated that this reflects Saudi Arabia’s keenness to benefit from this vital sector to achieve development and become a leading global model in building knowledge economies to serve present and future generations and achieve the objectives of the Kingdom’s Vision 2030.

The Cabinet welcomed the establishment of the headquarters of the Digital Cooperation Organization in Riyadh, expressing Saudi Arabia’s keenness to support all initiatives in this field, and all efforts that contribute to supporting innovation, youth, women, and entrepreneurs, and promote investment in the digital economy in accordance with national plans.

At the outset of the session, the Cabinet was briefed on the content of the recent talks and meetings that took place between Saudi Arabia and a number of countries, including the two letters received by Custodian of the Two Holy Mosques and the Crown Prince from the Emir of Kuwait and the President of Nigeria.

This is in addition to the content of the meetings that took place between the Crown Prince, the Prime Minister of Kuwait, and the President of the European Council. The Cabinet hailed the relations that bind Saudi Arabia with those countries and peoples and everyone's keenness to develop and strengthen the relations in various fields.

The Cabinet then reviewed a number of current regional and global issues, reiterating the content of Saudi Arabia’s delivered speech at the Seventh Congress of the Leaders of World and Traditional Religions held in Kazakhstan. Saudi Arabia affirmed its support for international efforts to combat extremism and highlighted its effective contribution to promoting communication between civilizations and cultures, through the lofty Islamic message, which is based on peace, justice, tolerance and moderation.

In a statement to Saudi Press Agency (SPA), Acting Minister of Media Dr. Majed Al-Qasabi said that the Cabinet addressed a number of reports on regional and international conferences and forums hosted by Saudi Arabia during the week, where holding these events comes as a part of its efforts to keep pace with developments, contribute to facing challenges, investing opportunities and utilizing potentials and energies to achieve mutual benefits and desired goals and aspirations.

On the occasion of the 92nd Saudi National Day, which falls this year on Friday, Sept. 23, the Cabinet thanked Allah Almighty for honoring this country with serving the Two Holy Mosques and for its dignity, empowerment, noble values, and loyal people, affirming the keenness to move forward in strengthening the process of building and progress, and consolidate its status and leadership among the nations of the world.

The Cabinet authorized the Minister of Foreign Affairs to negotiate with the Nepalese and the Bolivian sides on two draft memoranda of understanding regarding political consultations between the Ministry of Foreign Affairs of Saudi Arabia and each of the Ministry of Foreign Affairs of Nepal and the Ministry of Foreign Affairs of Bolivia.

It approved the establishment of diplomatic relations between Saudi Arabia and the Commonwealth of The Bahamas at the level of an ambassador (non-resident), and authorized the Minister of Foreign Affairs to sign the necessary draft protocol.

The Cabinet authorized the Minister of Culture to discuss with the South African side a draft memorandum of understanding for cooperation in the fields of culture and arts between the Ministry of Culture of Saudi Arabia and the Ministry of Sport, Arts and Culture of the Republic of South Africa.

It further authorized the Minister of Culture to discuss with the Mexican side a draft memorandum of understanding for cooperation in the cultural field between the Ministry of Culture of Saudi Arabia and the Ministry of Culture of Mexico.

The Cabinet authorized the Minister of Industry and Mineral Resources to discuss with the Australian side a draft memorandum of understanding between the Ministry of Industry and Mineral Resources of Saudi Arabia and the Ministry of Resources and Water of Australia to cooperate in the field of mineral resources.

It approved the transformation of Projects Management Office of Jeddah Governorate into a body called (Jeddah Governorate Development Authority), and the Authority’s Board of Directors is chaired by the Crown Prince, and the membership of the Governor of Makkah Region, the Deputy Governor of Makkah Region, the Minister of Culture, the Governor of Jeddah, the Minister of Commerce, the Minister of Tourism, the Governor of the Public Investment Fund, Eng. Ibrahim Bin Mohammed Al-Sultan, and the Mayor of Jeddah Governorate.

It also approved the appointment of Princess Sarah Bint Musaed Bin Abdulaziz Al Saud, Princess Nouf Bint Mohammed Bin Abdullah Al Saud, Dr. Huda Bint Mohammed Al-Amil and Dr. Ilham Bint Mansour Al-Dakhil as members of the Family Affairs Council as specialists in children, women, and elderly affairs.

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