Al-Jadaan: Positive recovery next year with the support of economic reforms

Finance Minister Mohammed Al-Jadaan expects a very positive recovery in 2021 », referring to estimates of a 3.1% growth next year. He expressed his confidence in the ongoing economic reforms for 4 years. In an interview with the Japanese newspaper “Nikkei”, Al-Jadaan indicated that the Corona pandemic demonstrated the importance of “economic reform” over the past three or four years. This made the government more informed and able to respond faster. He added: The Kingdom has focused on financing the health sector, including doubling the number of intensive care units in the first three or four months of the outbreak, in addition to providing financial incentives. He pointed out that the financial stimulus package amounting to 11 trillion dollars by the G20 countries has revised up the global economic outlook. Noting that the group implemented a framework to support heavily indebted countries. We also looked at how low-income and developing countries could unlock other sources of financing, and bring in more private investment with guarantees, along with medium-term and long-term solutions for these countries. He noted that the finance ministers and central bank governors agreed, last October, to extend the grace period for repaying public loans to low-income countries for a period of six months, starting in December. ”He pointed out that this provided liquidity of 14 billion dollars to low-income countries, saying:“ We agreed To reconsider the initiative in April 2021 if we need to extend it again for another six months.

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