Riyadh: Saudi Finance Minister Mohammed Al-Jadaan has said that the Saudi economy is capable of coping with the global recession and meeting the challenges.
In an interview with local TV, Mohammad Al-Jadaan said that the prices of commodities are under control as compared to other countries. Crown Prince Muhammad bin Salman has directed that the price of petrol in the country be kept at 70 70. This has helped in controlling inflation in the country.
“We have to keep an eye on the global economic situation and be careful,” he said. Saudi Arabia has for many years pursued a policy of reducing its dependence on Russia and Ukraine for food imports.
Precautionary measures were taken. Food items are being imported from different countries of the world. Their production has also been increased at home.
“The benefits of these measures are that the Russia-Ukraine crisis has had an impact on countries around the world, but the state is in a very good position,” he said.
Muhammad al-Jadaan said that the economy of the country is looking to the future. It is having a pleasant effect. The first quarter of this year saw record growth.
“Apart from oil, there is a strong possibility of maintaining a growth rate of up to 6% in national production,” he said.
According to Al Arabiya Net, the Saudi finance minister said that Saudi Arabia has built a relationship of trust with investors through various reforms.
The Saudi finance minister said that Saudi Arabia would consider reducing the value added tax. It may be recalled that Saudi Arabia had increased the value added tax rate to 15% in 2020.
During a meeting in Davis, he said he would reduce value-added taxes in the future, but was currently strengthening the Saudi treasury with additional revenue.
“Saudi Arabia is pursuing a policy of financial stability, ensuring that the country’s treasury reserves do not fall below a certain rate of gross domestic product (GDP). He said that Saudi Arabia has entered the final stages of its financial stability policy.
