Al-Falih: Saudi riyal remains stable amid global changes

RIYADH — Khalid Al-Falih, the Minister of Investment, talked about how stable Saudi Arabia's monetary policy and currency are.

"All currencies around the world went up and down, except for the Saudi riyal, which stayed stable because of the Kingdom's smart economic policy. "The debt rate in the world economy as a whole is going up, even in the leading countries, while the debt rate in the Kingdom is going down to 25%," he said on Sunday at the Saudi Budget Forum 2023 in Riyadh.

Al-Falih said that Saudi Arabia's budget was "historic," especially given the problems the world is facing.

The minister said that the Kingdom has the fastest growing economy in the world. He told those who say that the rise in oil prices is the only reason the Saudi economy is growing that the non-oil economy grew at a rate of 6%.

Al-Falih praised the stability of the Kingdom in terms of laws, policies, and the way the private sector was given more power.

He pointed out that spending has gone up by 9 percent and that there is a surplus, which he called "rare" at the level of global economies, especially in light of the effects of the coronavirus crisis and the economic shocks that countries around the world experienced as a result.

He said that what investors all over the world want is political stability and clear goals. "There are many places in the Kingdom where foreign investors can invest. What we pay attention to are investments that have a big effect on the economy," he said.

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