Kingdom calls for action to spur growth

JEDDAH: The Council of Ministers yesterday welcomed the steps taken by the recent G-20 summit in London aimed at speeding up global economic recovery and called for greater cooperation among countries to achieve sustainable economic growth.

The Cabinet meeting at Al-Yamamah Palace in Riyadh, chaired by Custodian of the Two Holy Mosques King Abdullah, commended the summit’s decision to set up the Financial Stability Board (FSB), which is composed of all G-20 members including Saudi Arabia.

The FSB will monitor potential risks in the economy, especially those involving the biggest firms, and will conduct “early warning exercises” and periodic reviews to spot potential trouble. The new regulator, working closely with the International Monetary Fund, will report possible threats to the stability of the global financial system to the G-20 finance ministers and central bank governors.

The Kingdom called for additional measures to restore confidence in financial systems by adopting reforms and applying monitoring regimes.

King Abdullah earlier briefed the ministers on the outcome of his talks with US President Barack Obama and other world leaders on the sidelines of the G-20 summit. He also said that the Arab summit and Arab-Latin American summit in Doha would strengthen relations and lead to strengthening cooperation between the countries.

King Abdullah thanked God for blessing Crown Prince Sultan, deputy premier and minister of defense and aviation, with good health and hoped that the crown prince would return to the Kingdom in better health. Prince Sultan is currently convalescing in New York following a successful surgical operation.

The Cabinet heard a report from Commerce and Industry Minister Abdullah Zainal Alireza on the 17th Arab economic forum that was held in Beirut last week. During the meeting Saudi Arabia called on Arab countries to increase cooperation in order to lessen the negative effect of the global financial crisis on them, activate Arab free-trade zone projects and remove obstacles to inter-Arab trade.

The Cabinet also emphasized the importance of the international conference on nanotechnology, which was opened in Riyadh recently.

Source : Arab News