RIYADH: Saudi Arabia has supported the decisions taken by the Gulf Cooperation Council (GCC) countries to counter the negative effects of the current global economic crisis. The support was voiced at a meeting of the Council of Ministers chaired by Custodian of the Two Holy Mosques King Abdullah at Yamamah Palace in Riyadh yesterday.
“The council of ministers commended the decisions of the extraordinary meeting of the GCC finance ministers and central bank governors in Riyadh on Saturday in order to guarantee the strength, growth and stability of GCC economies and their banking systems. The council also supported the decision for the continued reinforcement of the monitoring capabilities of the financial sector,” Culture and Information Minister Iyad Madani told the Saudi Press Agency after the meeting.
“The council affirmed the significance of continued coordination between GCC member countries in order to avert and mitigate the negative result of the global economic crisis on the economies of the region,” Madani added.
The council reviewed the deliberations of the meeting of the Organization of Petroleum Exporting Countries in Vienna on Friday. “The council affirmed the need for achieving a balance in the petroleum market in order to protect the interests of both producers and consumers. The council also stressed the importance of the continuation of investments in this vital sector, which is essential for the security and growth of the global economy and also to avoid any sharp upheavals in the market. The investment is also essential for fulfilling the Kingdom’s commitments to the market with the cooperation of all OPEC and non-OPEC producers,” the minister said.
The council lauded the king’s recent order to deposit SR10 billion in the account of the Saudi Credit Bank so that the bank could provide more loans to the poor.
The council authorized the interior minister to negotiate an agreement with Morocco for mutual recognition of driving licenses issued by the two countries.
The meeting approved a memorandum of understanding for mutual consultations on political matters between the foreign ministries of the Kingdom and Germany, between the Kingdom and Egypt and between the Kingdom and France.
