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RIYADH: Finance Minister Mohammed Al-Jadaan highlighted the Kingdom’s reform efforts under the National Transformation Program (NTP) and Saudi Vision 2030 at meetings of the World Bank and International Monetary Fund (IMF) recently held in Washington.
Al-Jadaan, who led the Saudi delegation at the World Bank and IMF meetings on Friday and Saturday, said the application of these programs will create more jobs and diversify economic activity in the Kingdom, according to the Saudi Press Agency.
He said the developmental plans in the Kingdom have a focus on development of education and training, and the enhanced competitiveness of the Saudi economy.
The NTP contains many initiatives meant to achieve the highest levels of transparency to develop government services, support national industries and small and medium enterprises (SMEs), and gear up job opportunities for citizens, Al-Jadaan said. At a global level, the minister said the world economy has witnessed a noticeable improvement thanks to recovery of economic activity in the developed countries, in light of continued recovery of the US economy.
However, challenges remain in the face of the prospects of world economic growth in light of risks arising from geopolitical conflicts and terrorism, he said.
Al-Jadaan stressed the importance of the implementation of structural reforms to support sustainable economic growth and fiscal stability focusing on the improvement of social security in a bid to minimize the negative impact arising from the application of economic reforms.