Al-Falih: Despite worldwide swings, the Saudi riyal is still stable.

 

DHABI — Khalid Al-Falih, the minister of investment, emphasized the strength of Saudi Arabia's monetary system and currency.

"Thanks to the Saudi Arabian riyal's stable currency as a result of the Kingdom's sensible economic policies, all other currencies in the globe saw swings. He revealed this while giving a speech at the Saudi Budget Forum 2023 in Riyadh on Sunday. "The debt rate in the entire world economy, even the leading countries, is increasing, while the debt rate in the Kingdom lowers to 25%," he said.

Al-Falih called Saudi Arabia's budget "historic," particularly in view of the difficulties the rest of the globe is experiencing.

According to the minister, the Kingdom has the highest rate of economic growth in the entire world. He emphasized that the non-oil economy expanded at a rate of 6% in response to those who claim that Saudi Arabia's economic progress is solely due to the rise in oil prices.

Al-Falih complimented the stability of the Kingdom's laws and policies as well as the development of the private sector.

In light of the effects of the coronavirus crisis and the economic shocks that the world's nations experienced in its wake, he emphasized that spending has increased by 9% and there is a surplus, which he termed as "unusual" at the level of global economies.

He claimed that investors look for political stability and vision clarity across the globe. "The Kingdom has many industries that are open to foreign investment. We concentrate on making investments that have a significant economic impact, he continued.