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KSA: Restoring Allowances Indicates Strong Economy | ASHARQ AL-AWSAT English Archive 2005 -2017
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Saudi Arabia’s King Salman bin Abdulaziz Al Saud, attends a banquet hosted by Shinzo Abe, Japan’s Prime Minister, at the prime minister’s official residence in Tokyo, Japan, Monday, March 13, 2017. REUTERS/Tomohiro Ohsumi/Pool

Riyadh- In a new indicator of a Saudi strong economy and its ability to overcome the fall in oil prices, Custodian of the Two Holy Mosques King Salman bin Abdulaziz issued on Saturday a royal decree to restore financial allowances for civil servants and military personnel.

This decree stems from the recommendation of Saudi Deputy Crown Prince and Minister of Defense and President of Council of Economic and Development Affairs Mohammed bin Salman.

The Council of Economic and Development Affairs in Saudi Arabia, which has held more than 100 sessions until now, is one of the most vital economic entities and councils around the world.

The role of the council is not restricted to issuing recommendations and decisions but also meetings – chaired by Deputy Crown Prince Mohammed bin Salman – are held to review affairs and decisions already made.

Finance Minister Mohammed al-Jadaan said that the royal decree proves that the kingdom is founded on a solid coherence between the wise leadership and the Saudi people.

“The royal decree will positively affect the Saudi economy on the short-term as to reinforcing purchasing power, supporting economic activity, fostering investment environment, increasing confidence of private sector, and leading to a positive activity that puts inflation at adequate levels following the negative growth in the past period,” he added.

Jadaan affirmed that the government will continue its economic reform program.

Saudi Arabian Monetary Authority notified banks that they are not permitted to violate the two-month salary ordered by King Salman to practical participants in the front lines of “Decisive Storm” and “Restoring Hope”.

The Council of Economic and Development Affairs – established upon the request of King Salman – is a quantum leap on the level of determining the contours of the Saudi economy and reinforcing its strength sources – this pushes the Saudi economy forward towards achieving Saudi Vision 2030.