Saudi Arabia’s finance minister says Vision 2030 ‘tried and tested’

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Saudi Arabia’s finance minister said on Wednesday that the kingdom’s Vision 2030 to diversify the economy away from oil has been “tried and tested”, particularly during the coronavirus pandemic.

“It proved to be the right plan. The economy was able actually to deal with it (the coronavirus crisis), the government was able to deal with it in a very adequate way,” Mohammed al-Jadaan said.

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He added that Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, was investing to catalyze the private sector, including in the industrial sector.

In September, al-Jadaan said that Saudi Arabia was beginning to recover from the pandemic and said he was cautiously optimistic.

He pointed to Saudi Arabia’s Vision 2030 economic reform plan as key to the Kindgom’s swift response to COVID-19.

Al-Jadaan also said that the Kingdom remained committed to its role as head of the G20 group despite it being an unprecedented year, saying that the organization had responded swiftly and taken “unprecedented actions” in response to the pandemic. He added that it would continue to take a global approach because if one country is left behind, the whole world suffers.

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