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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.
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Australia had seen its employment rate dropping 1.1% between mid-June and mid-July, weekly data showed on Tuesday. In addition to this, the southeastern state of Victoria recorded the sharpest plunge in employment as the state suffers from ...
Japan’s first-quarter business spending came smaller than what was initially estimated, revised data showed on Monday. This underscored a sharper damage that the novel coronavirus pandemic had inflicted on the world’s third-biggest ...
Backed by record-low mortgage rates, U.S. home sales reached its strongest record in June. However, the outlook for the housing market remained murky as low inventory and high unemployment rate pressed amid the virus crisis. Existing home ...
Asian stock markets plummeted on Tuesday, while oil dropped and a safety bid boosted the dollar’s performance. This followed after emerging Sino-U.S. tensions and new novel coronavirus restrictions in California dampened optimism as ...
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