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Saudi MoF to pursue Vision 2030 - Al-Assaf

Saudi MoF to pursue Vision 2030 - Al-Assaf
Saudi Finance Minister, Ibrahim bin Abdulaziz al-Assaf (Photo Archive)

By: Mohamed Idrees

Riyadh – Mubasher: Saudi Finance Minister, Ibrahim bin Abdulaziz al-Assaf, said Tuesday that his ministry is working, in collaboration with government agencies, on developing its future programme in accordance with the Saudi Vision 2030.

“The ministry of finance (MoF) will continue to implement institutional reforms to support the financial management… we added two units in the ministry to enhance the institutional capacity and financial planning,” al-Assaf added during the Euromoney conference in Riyadh.

“The first unit is concerned with public finance and the other one for the public debt,” the minister explained, adding that the ministry cooperated with the International Monetary Fund (IMF) to set a plan to ensure that the two units are compatible with international practices.

Al-Assaf also said that the Saudi banking sector maintains high levels of profitability and low level of bad loans, but downside risks are still high in light of the market volatility.

Translated by: Elwy el-Manzalawy