Saudi Arabia Affirms Need For Reforms In Global Financial System At Brasilia Summit 4

  • 12/15/2022
  • 22:10
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"With respect to the stability of the international energy markets, the Kingdom of Saudi Arabia has worked to ensure the consuming countries of the assurance of oil supplies to meet the possibility of the shortages of those supplies regardless of any reason despite the high cost of this assurance. The crisis that took place in the region, proved the credibility of the Kingdom's policy and its balance approach in this field along with its keenness that this run-out commodity is dealt with, in a suitable manner of its importance. This comes by not imposing high tax of negative impacts on the demand and not limiting investment in its development and improving its uses. Mr. President The project of the communiqué of the summit has good ideas about ways of facing poverty, starvation and the importance of tackling the developmental and social issues. Despite the fact that the Kingdom of Saudi Arabia is a developing country with increasing financial needs, but still it contributes in financing the developmental, economic and social efforts in the developing countries. In this regard, the Kingdom's total un-recovered aids and soft developmental loans through the bilateral and multi-party channels in the last three decades was about $ 83 billion which forms 4 percent of the annual average of the Gross Domestic Product (GDP) of the Kingdom in those years. This has exceeded the official goal of the developmental aid which is determined by the United Nations. As many as 73 developing countries in different continents including the South American continent benefited from these assistance.--MORE1530 Local Time 1230 GMT www.spa.gov.sa/261552

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