Saudi Press

Saudi Arabia and the world
Friday, Aug 22, 2025

Saudi Central Bank chief says no time to relax after coronavirus crisis

Saudi Central Bank chief says no time to relax after coronavirus crisis

Ahmed Alkholifey, head of the Saudi Arabian Monetary Authority, says he is confident the country's economy will weather the storm but cautions against early optimism
The governor of the Saudi Central Bank on Wednesday urged caution on the kingdom's economic recovery from the impact of the global coronavirus pandemic.

Although Ahmed Alkholifey, head of the Saudi Arabian Monetary Authority (SAMA), said he was confident the country’s economy will weather the storm, he cautioned against early optimism.

Speaking at the 15th virtual edition of the Euromoney Saudi Arabia conference, Alkholifey said: “When you have a patient on life support, you have to be careful regarding what happens when that life support is unplugged,” he said.

“We feel confident but we cannot really relax as long as we are in the midst of the crisis," he added.

While 2020 started on a positive note for Saudi Arabia’s economy, with forecasts of an overall growth of 2 percent by end of year, Covid-19 quickly put a halt to those expectations.

Decreased oil prices and a global economic slowdown were the main outcomes of the coronavirus pandemic on businesses in Saudi Arabia.

In June, the International Monetary Fund (IMF) said that the Saudi GDP will likely shrink by 6.8 percent by the end of the year, compared to a 5 percent regression of the global economy.

Alkholifey outlined a series of initiatives and stimulus packages which were introduced by SAMA to counter the impacts of the crisis. Saudi Arabia has spent more than $57 billion on a total of 142 such initiatives, which included support for both the public and private sector.

According to Alkholifey, the pandemic accelerated the growth of the FinTech sector in the kingdom, which falls in line with the Financial Sector Development Program Vision 2030, developed by SAMA.

Speaking at the Euromoney event on Tuesday, Mohammed Al-Jadaan, Saudi Arabia's Minister of Finance and Acting Minister of Economy and Planning, said the country's economy was in recovery mode after facing one of its most challenging years for a century.

He said: "The Saudi people were able to adopt and lead the charge, with exceptional talents that worked hard 24 hours a day to control Covid-19 and prepare the national economy for recovery."

Al-Jadaan said Vision 2030 reforms provided a strong platform for Saudi Arabia to have a "quick and positive response" to the pandemic.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×