The government will bear the customs duty differences applied under the GCC unified customs tariff on 180 food items and construction materials. This was decided at the Council of Ministers session here Monday, reported the Saudi Press Agency. The measure falls in line with the directives of King Abdullah to curb inflation in the Kingdom, which has touched a 25-year high. The Council of Ministers, chaired by the King, also gave the go ahead for licensing the Turkish bank Zera'aat, and allow it to open branches here. The bank must abide by the Kingdom's foreign investment regulations as well as bank control and companies' rules. The Cabinet directed the Saudi Arabian Monetary Agency (SAMA) to coordinate with the bank to complete the formalities. Iyad Madani, Minister of Culture and Information, said the Cabinet emphasized the Kingdom's clear stance relating to Arab affairs, and also stressed the importance of implementing the decision made by the Council of Arab Foreign Ministers at the Arab League pertaining to Lebanon. The Cabinet stressed that its stand on Palestine abides by the Arab peace initiative for a peaceful solution to the Palestinian issue and averting other stances which have proven ineffective. It also stressed the responsibility of the super powers, the permanent members of the Security Council, to shoulder their responsibilities by exerting pressure on Israel to carry out the international legitimate resolutions. __
