ECONOMY

Saudi deputy economy minister regrets using ‘bankruptcy’ term

The deputy minister said last week that Saudi Arabia would have faced bankruptcy in three to four years if it had not imposed austerity policies. (Al Arabiya)

Saudi Deputy Minister of Economy and Planning Mohammad al-Tuwaijri has clarified that using the term “bankruptcy” while discussing Saudi Arabia’s economic situation was a misjudgment on his part.

Tuwaijri said: “I’m declaring it publicly, probably my expression betrayed me by using such a stern phrase.”

The deputy minister said last week that Saudi Arabia would have faced bankruptcy in three to four years if it had not imposed austerity policies.

However, he emphasized: “That does mean we are not having a structural economic problem.”

The official comment came during a phone conversation on Al Arabiya’s prime time show on Saudi Arabia affairs.

He added: “The kingdom's vision 2030" include lot of programs that would restore support to those who are entitled to it.”

*This article also appears on AlArabiya.net.
 

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Last Update: Monday, 24 October 2016 KSA 12:22 - GMT 09:22
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Saudi deputy economy minister regrets using ‘bankruptcy’ term
The deputy minister said last week that Saudi Arabia would have faced bankruptcy in three to four years if it had not imposed austerity policies
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