Saudi Arabia deals with virus outbreak from position of strength  

Despite having a strong financial condition with low debt obligations, the Kingdom of Saudi is still struggling from the current worldwide crisis according to its Finance Minister Mohammed Al-Jadaan on Friday.

Al-Jadaan said the priorities of the Saudi government are aimed at establishing precautionary steps to secure the safety and well-being of its citizens and residents.

The finance minister said that the country must refocus on spending especially in this kind of situation. He said that the Kingdom supports the plans of International Monetary Fund to produce Special Drawing Rights amid virus outbreak for it will provide relief to its members.

Al-Jadaan expects the world economy to witness “the worst recession” this year, but he also added that the Kingdom is ready to support its people anytime and they are studying the situation very carefully. He emphasized the need for financial transparency that will aid the economy to fast recovery and restrain monetary hazards.