Saudi Gazette report

JEDDAH — Saudi Arabia’s Minister of Finance and Acting Minister of Economy and Planning Mohammed Al-Jadaan said that the Vision 2030 helped the government respond to the coronavirus pandemic effectively and quickly.

Al-Jadaan reiterated the Kingdom’s commitment to implement the Vision 2030 program, during the virtual Euromoney Saudi 2020 conference on Thursday.

“The government support helped contain the coronavirus crisis," Al-Jadaan stressed.

The Kingdom is developing clear plans to diversify its economy,” he added.

The Kingdom is focusing on finding other channels for public revenues, Al-Jadaan explained, noting that future plans are being developed to diversify the Kingdom’s economy and avoid fluctuations.

The Saudi Vision 2030 aims to support the private sector and diversify income sources. The Saudi Arabia Monetary Authority (SAMA) has provided huge liquidity during the coronavirus crisis to help the private sector maintain its operations.

Meanwhile, Saudi Arabia is optimistic as the public and private sectors resumed work, however, precautionary measures will remain.

Al-Jadaan added that all economic sectors received sufficient support from the government, expecting the government to extend support for the private sector.

“The COVID-19 pandemic will not impact our long-term plans,” the minister added, noting that Vision 2030 focuses mainly on economic diversification and the private sector empowerment.

The tourism sector is recovering from the impact of the pandemic, Al-Jadaan revealed.