Al-Assaf: KSA banks enjoy high level of capital adequacy

Finance Minister Ibrahim bin Al-Assaf highlighted the excellent performance of the Saudi economy despite the decline in oil prices in his speeches delivered as the leader of a Saudi delegation attending some high-level international meetings.
He also emphasized the strength of the banking sector and noted that local banks enjoy a high level of capital adequacy and low levels of bad debt ratio, SPA reports
The minister-led delegation participated in the annual meetings of the International Bank and Monetary Fund and the meeting of the Monetary and Financial Committee of the International Monetary Fund, and a meeting of the Development Committee of the World Bank Group, in addition to the meeting of the Group of Twenty, held in Washington during Oct. 7-9.?
Al-Assaf detailed Saudi government's efforts in the implementation of economic reforms within the National Transformation Program (NTP 2020) to achieve Vision 2030, stressing that the implementation of these reforms support strong, balanced and sustainable economic growth and the role of the private sector in promoting jobs and economic growth.
The minister highlighted the keenness of the Saudi government to support human resource development and the development of educational outcomes and training to benefit from the competitive advantage of the Saudi economy in order to raise the productive base and economic diversification.
The NTP 2020 includes a variety of initiatives aimed at the development of small and medium enterprises, aimed at promoting job opportunities for citizens, and the development of government services and enhancing the investment environment as well as the development of financial markets and the diversification of economic activity of the Kingdom over the medium term.
Addressing the International Monetary and Financial Committee of the IMF, the minister agreed with the policy priorities and recommendations that emphasize the importance of applying a combination of fiscal and monetary policies and structural reforms to boost demand and stimulate output.
Al-Assaf’s speech at a meeting of the Development Committee of the World Bank Group welcomed the World Bank Group's vision for the year 2030, especially the use of financial resources of the World Bank strategically to meet the urgent development needs.
Al-Assaf stressed the importance of the World Bank Group's efforts to reduce poverty.

Source: Arab News