$40bn transferred from SAMA's FX reserves to PIF, says Saudi finance minister

Mohammed Al-Jadaan, the Minister of Finance and acting Minister of Economy and Planning. (AFP/File Photo)
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Updated 29 May 2020

$40bn transferred from SAMA's FX reserves to PIF, says Saudi finance minister

  • Transfer to PIF was carried out after an in-depth consultation

LONDON: SAR150 billion ($40 billion) were transferred from the Saudi Arabian Monetary Authority’s foreign exchange reserves to the Kingdom’s Public Investment Fund (PIF) in March and April, Finance Minister Mohammed Al-Jadaan said on Friday.

The government will continue to implement development plans to diversify the economy, increase local content and support private sector growth, Al-Jadaan, who is also acting minister of economy and planning, said in a statement released by the Saudi Press Agency.

This will happen either through the state’s general budget or through the role played by the development funds and the PIF to improve economic performance and enhance the return on the Kingdom’s assets, he added.

The transfer to the PIF was carried out after an in-depth consultation and in consideration of the adequacy of foreign exchange reserves, Al-Jadaan said.

Decisions to gradually reopen economic activities represent a new stage in the face of the coronavirus pandemic and toward a gradual return to normal economic activity, he added.

Al-Jadaan said the government had increased — during the last period through the budget — spending on urgent and necessary requirements to face the coronavirus crisis, and in doing so had significantly strengthened the financial allocations for the health and related services sector.

The decision to restart some sectors had been made with the advice of health professionals and guidelines at every stage of the plan to resume economic activities, he added.

The return of activities to their previous levels largely depends on the level of commitment by all, Al-Jadaan said, adding that the move is in line with economies reopening worldwide.


Saudi student takes part in international program for COVID-19

The CVT collaborates with Harvard Innovation Labs, the Massachusetts Institute of Technology Innovation Initiative, the COVID Foundation, and over 20 other organizations. (ReThe CVT collaborates with Harvard Innovation Labs, the Massachusetts Institute of Technology Innovation Initiative, the COVID Foundation, and over 20 other organizations. (Reuters/File)ters/File)
Updated 04 August 2020

Saudi student takes part in international program for COVID-19

  • Al-Towijri’s CVT role includes writing articles, designing social media posts, and welcoming and guiding new members

JEDDAH: For the last few months, high school student Talal Al-Towijri from Alkhobar has been investing his time during the pandemic to work with students from across the globe to make the coronavirus disease (COVID-19) more understandable to the public, having joined the US-based Coronavirus Visualization Team (CVT).

The CVT is a nonprofit, crowdsourced student network founded at Harvard, seeking to disseminate information surrounding the COVID-19 pandemic.
“We are a group of over 1,000 skilled and passionate students from different countries across the globe who are working remotely on leveraging data analytics and visualizations for the public about COVID-19’s ongoing impact,” Al-Towijri told Arab News.
The organization was established to combat the current “infodemic,” or information overload, which can be inaccurate and misleading.
“It is a tech-net community of data scientists and analysts, developers and communicators,” said Al-Towijri. “We also work with professors and industry professionals to introduce quality statistics and to better visualize and share the impacts, present and future, of COVID-19.”
Al-Towijri’s CVT role includes writing articles, designing social media posts, and welcoming and guiding new members.
“By joining CVT I felt like I was doing something to help the world instead of sitting around during the lockdown,” he said.
The students’ group works with partners to publicize accurate and digestible information and help organizations fighting on the frontline and developing data-driven policy proposals.
The CVT data visualizations display information from multiple, often overlooked, angles, such as climate implications, socioeconomic factors, and societal aspects.
Moreover, such data analytics can help businesses, nations, and individuals not only understand the disease impact but also to explore coronavirus recovery strategies.
“My team and I are a crowdsourced group of passionate school and university students from around the world who are voluntarily analyzing data on all matters COVID-19 including socioeconomics, census statistics, mental health, and pollution-related data.”
The CVT collaborates with Harvard Innovation Labs, the Massachusetts Institute of Technology Innovation Initiative, the COVID Foundation, and over 20 other organizations, and is seeking more partnerships around the world, including in the Gulf Cooperation Council and the Middle East and North African regions.
Al-Towijri joined when the organization was first launched in April by Harvard student Lucas Chu as a member of the Coronavirus Visualization Community (CVC) before he became a managing member of the CVT itself.

HIGHLIGHTS

•The CVT is a nonprofit, crowdsourced student network founded at Harvard, seeking to disseminate information surrounding the pandemic.

• The CVT data visualizations display information from multiple, often overlooked, angles, such as climate implications, socioeconomic factors, and societal aspects.

The CVT has launched different projects and initiatives, including online events and panels with prominent guests in the field of health and science from top international universities and organizations.
He is very proud of his experience at the CVT. He believes that skilled and passionate high school and university students who are keen to invest their abilities in a rewarding volunteering experience should join such organizations.
He said: “Most students are talented by nature, but they are usually not given chances that could push them out of their comfort zones.”
“Therefore, I believe there should be more student-run organizations in the Kingdom, and there should be more activities for students where they can engage with the community and feel productive, helpful, and powerful,” he added.
 Al-Towijri noted that there is a lack of student-run organizations in the region with sustainable goals and sustainable support from big organizations.
For him, such organizations need support and access to resources as much as they need passionate leaders to help them grow and prosper.
“What distinguishes CVT is that it is crowdsourced and student-run; we are students reporting to students, it is a beautiful community that feels like a family,” he said.
Al-Towijri believes that CVT has a strong potential to expand its reach in the Kingdom by partnering with universities and different companies, as he believes many students in the country are highly skilled and passionate to make the world a better place.
“I want more Arabs and Saudis to join the organization,” he said. “Any student with minimal skills in research and writing can join.”
The CVT can be reached at www.understandcovid.org.