Day: October 6, 2021

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Fitch Agency Praises Preliminary Statement of the Kingdom’s 2022 General Budget

Riyadh, The international credit rating agency “Fitch” has praised the preliminary statement of the Kingdom of Saudi Arabia’s general budget for the year of 2022.

In a statement published on Tuesday, 5 October, 2021, the agency highlighted that the Kingdom maintains large financial reserves, which support the Kingdom of Saudi Arabia’s rating and provide greater flexibility to facilitate public financing needs in the context of unstable oil revenues.

The preliminary statement of the Kingdom’s general budget for the year 2022 indicated that the Kingdom is targeting a financial reserve in the Saudi Central Bank (SAMA) of SAR 350 billion in 2022 (approximately 11% of GDP according to Fitch estimates), and it is expected to rise in the medium term. Previously, the stability was at a minimum level of SAR 265 billion in 2022-2023.

Furthermore, the preliminary statement of the Kingdom’s general budget for 2022 predicted a stability in the nominal value of the public debt as of 2022, and its decrease as a percentage of GDP to 29.2% in 2023 and 27.6% in 2024. The agency commented that this is less than its expectation on its credit rating report for the Kingdom issued in July 2021, when it affirmed its credit rating for the Kingdom of Saudi Arabia at (A) and revised the Outlook from Negative to Stable.

Fitch’s comment confirms the positive future directions of the financial policies that the Kingdom of Saudi Arabia seeks to pursue as an extension of the structural measures and reforms taken by the Kingdom during the past five years in accordance with the objectives of the Kingdom’s Vision 2030. This was positively reflected on the great global confidence in the strength of the Saudi economy and supported the positive outlook for the future of the financial sustainability of the Kingdom.

Source: Saudi Press Agency

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KSrelief Distributes Over 37 Tons of Food Baskets to People Affected by Floods in Abyan Governorate, Yemen

Abyan, King Salman Humanitarian Aid and Relief Center (KSrelief) distributed yesterday 37 tons and 450 kilograms of food baskets to people affected by floods in Abyan Governorate, Yemen, benefiting 2,100 individuals.

This comes as a part of humanitarian and relief projects being implemented by the Kingdom of Saudi Arabia, represented by KSrelief, for Yemeni people.

Source: Saudi Press Agency

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GCA President Co-chairs INTOSAI-Donor Cooperation Steering Committee 14th Meeting

Riyadh, President of the General Court of Audit (GCA) Dr. Hussam Al-Angari co-chaired the 14th Meeting of INTOSAI-Donor Cooperation Steering Committee (IDSC) held virtually on Wednesday, 6 October, 2021, with the participation of a number of heads of supreme audit institutions (SAIs) and representatives of donor community.

Dr. Al-Angari inaugurated the IDSC meeting with a speech stressing the importance of support and preservation of the independence of SAIs.

The meeting discussed a number of topics on its agenda related to the committee’s scope of work, including the global initiative of accountability in SAIs, independence of SAIs, and ways of enhancing support process and coordination at the Committee.

The IDSC is a committee responsible for outlining the strategic guidance for implementing MoUs signed between INTOSAI and 23 development partners from the donor community. It aims to provide the needed support to SAIs in developing countries.

Source: Saudi Press Agency

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Saudi Arabia to Participate at 7th G-20 Parliamentary Speakers Summit in Italy Tomorrow

Rome, Speaker of the Shura Council Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh will head the Council’s delegation participating at the 7th G-20 Parliamentary Speakers summit to be started tomorrow, Thursday in the Italian capital, Rome.

G-20 Parliament Speakers will discuss at their two-day summit the efforts aiming to enhance the response to the economic crisis due to the global challenge resulted in COVID-19 pandemic and the revival of economic growth in terms of social and environmental sustainability and food security.

Dr. Al-Sheikh stressed in a press statement the pivotal role being played by the Kingdom of Saudi Arabia at the international political and economic levels, under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense.

Source: Saudi Press Agency

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ALECSO Director-General Praises KAPL’s Distinguished Knowledge and Cultural Experience

Riyadh, The Director General of the Arab Organization for Education, Culture and Science (ALECSO), Dr. Mohamed Ould Amar, praised the distinguished knowledge and cultural experience of the King Abdulaziz Public Library (KAPL), in addition to its various cultural projects.

This came during his visit to the KAPL yesterday, as he was received KAPL’s Supervisor General Faisal bin Abdulrahman bin Muammar and a number of senior KAPL’s officials.

The visiting delegation was briefed on the knowledge and cultural services being provided by the KAPL and its extensive and knowledge experience.

Source: Saudi Press Agency

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ISESCO’s Director General Meets with Gabon’s Ministers of Economy and Culture

Rabat, The Director-General of the Islamic World Educational, Scientific and Cultural Organization (ISESCO) Dr. Salem bin Mohamed Al-Malik separately met in Libreville yesterday with the Gabon’s Minister of Economy, Nicole Roboti, and Minister of Culture and Arts, Michel Mason.

The meetings discussed and reviewed ways to develop bilateral cooperation.

Source: Saudi Press Agency

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Ministry of Health Reports 45 New COVID-19 Cases, 41 Recoveries in Saudi Arabia

Riyadh, The Ministry of Health (MoH) announced the registration of 45 confirmed COVID-19 cases and 41 recoveries in the Kingdom of Saudi Arabia, in the past 24 hours.

The ministry added that the number of critical cases reached 150.

The statistics showed that the total number of infections in the country reached 547,402, while the recovery tally reached 536,447.

The MoH reported 2 new deaths, bringing fatalities tally in the Kingdom to 8,732.

It advised everyone to contact the toll free (937) for consultations and inquiries around the clock, to obtain health information and services.

Source: Saudi Press Agency