FX.co ★ Saudi Arabia faces global crisis from position of strength

During the recent 10 years of extremely high oil prices, some oil superpowers were transferring excess profit from oil to offshore territories and spending incredible sums of money on military actions outside their countries. However, during the same period, Saudi Arabia managed to build up substantial money reserves. That is why the Kingdom was fully prepared to face the coronavirus pandemic. The Minister of Finance and the Acting Minister of Economy and Planning Mohammed Al Jadaan confirmed that "Saudi Arabia is facing this global crisis from a position of strength" with ample reserve buffers and relatively low government debt.

At the beginning of the virus outbreak, the country’s authorities promptly revised the key spheres in order to distribute properly financial flows. The health system and financial support to people affected by the virus were of primary importance. Mohammed Al Jadaan also emphasized that the IMF continued "to have flexibility" and responded to the needs of its members despite the current situation. Jadaan also reiterated "the Kingdom’s readiness to provide further support if necessary."