The Communication and Financial Knowledge Center at the Ministry of Finance, in cooperation with the National Debt Management Center, held a virtual meeting on May 19 as part of its efforts to enhance knowledge partnerships and highlight government initiatives to mitigate the financial and economic impacts on the private sector and investors due to COVID-19, in the presence of a number of officials in the government sector, international financial institutions, and investors. At the beginning of the meeting, the CEO of the National Debt Management Center Fahd Al-Saif said that the Kingdom of Saudi Arabia is fully committed to consolidating its public finances and establishing an ideal balance between supporting economic activity while being financially careful. Al-Saif reviewed the financing plan for 2020 and increasing the financing by a maximum of SR 100 billion in addition to the SR 120 billion announced earlier this year. He added that this meeting comes to inform investors of the most prominent measures taken by the Kingdom's government in facing COVID-19 and the governmental initiatives approved to mitigate the financial and economic effects on individuals, private sector establishments and investors, stressing that the Kingdom since the beginning of the crisis worked to achieve one goal, which is to preserve the health of citizens and residents first, by providing all financial, precautionary, and health measures to confront and prevent the virus from spreading. He also stressed that the Kingdom has good government reserves, which are one of its strongest financial factors, in addition to its international financial position, as these factors constitute a safety valve for the Kingdom's financial position to support its credit rating, contribute to reducing the cost of financing in the local and international markets, in addition to its importance in financing a part of the budget deficit or even face any urgent or unexpected changes on income or expenses. The Undersecretary for Investments Services and Consultations at the Ministry of Investment Ibrahim Al-Suwaiyel confirmed that the MISA COVID-19 Response Center (MCRC) continuously communicates with more than 7000 investors in the Kingdom, in order to ensure the continuity of their business and help them address the challenges that may arise in the business environment due to the current conditions. He pointed out that all employees of the Ministry of Investment carry out their duties remotely and that the Ministry is working in full capacity to serve investors in continuous and direct coordination with the relevant sectors and government agencies to address the challenges facing investors. The Governor of the National Development Fund Stephen Groff affirmed that during the COVID-19 crisis, the Fund announced programs amounting to SR 22 billion to support citizens and the private sector, represented in extending the grace period, restructuring loan payments to the most needy facilities, providing loans to micro, small and medium enterprises, financing working capital, and supporting employment and training programs for job seekers and the private sector. The Head of Global Banking and Markets of HSBC Group Samir Assaf confirmed that the group trusts the foundations and vision of the Kingdom of Saudi Arabia, which was reflected in the massive demand for the Kingdom's recent $ 7 billion bonds that international investors have full confidence in the Saudi economy. Global Head of the Official Institutions Group at BlackRock Terrence Keeley stressed that BlackRock supports and encourages the initiatives and measures being taken by the Kingdom's government, which is a sign of the Kingdom's keenness and commitment to long-term financial sustainability. He pointed out that the global economic environment seeks to achieve the highest levels of quality and high returns, as the Kingdom is an attractive investment environment at the relative and absolute levels, stressing that international investors are interested in obtaining sources of solid returns and there are many attractive investment opportunities in the Kingdom, including investment opportunities in infrastructure.
