Saudi newspapers highlighted in their editorials today a number of issues at local, regional and international arenas. Al-Bilad newspaper said in its editorial that the government of the Kingdom of Saudi Arabia continues to exert all efforts to tackle the COVID-19 pandemic. At the same time, the Cabinet on Tuesday reviewed the latest developments of coronavirus pandemic locally and internationally, and have seen the relevant statistics and indexes of the disease, reiterating the importance of remaining committed to follow the precautionary and preventive measures to reduce the spread of the virus and preserve the health of members of the community. Due to these dedicated efforts, being exerted by all government agencies, the Kingdom of Saudi Arabia ranked first worldwide in the government response to the Novel Coronavirus (COVID-19) and entrepreneurs response to the pandemic, the newspaper added. Saudi Arabia has also taken an important step to move forward regarding health and medical successes. Yesterday, the first ventilator that was manufactured in the Kingdom of Saudi Arabia in line with international standards was inaugurated, as part of the efforts of the industry and mineral resources to localize medical industries and achieve self-sufficiency in basic medical industries and health security in the Kingdom of Saudi Arabia. The newspaper concluded that this achievement affirms that the Saudi industry advanced to new levels and the industrial sector has become more attractive for investments. Through advanced investments, Saudi Arabia has also been keen to keep pace with the latest global technologies in the field of medical devices, including these devices that will contribute to supporting the government's fight against the pandemic. In another context, Al-Riyadh newspaper reported in its editorial that the Saudi economy is gradually recovering, overcoming the impacts of the Coronavirus pandemic. Additionally, international reports agree on the strength of the Saudi economy and its ability to grow and recover, taking advantage of global recovery, Saudi Arabia's financial position and its strong reserves, the measures taken by the government to mitigate the impacts of the pandemic on the economy and the private sector, which include 150 initiatives, as well as the programs of the Saudi Vision 2030. As a result, the World Bank, in its recent report, raised its forecast for growth in Saudi Arabia's economy to 2.4% in 2021 compared with its previous forecast of 2%, and 3.3% in 2022 compared to 2.2%, noting that raising expectations for the Saudi economy reflects positive developments in addressing the COVID-19 pandemic, rising oil prices and the start of a new government investment program, funded by the Public Investment Fund (PIF). The newspaper concluded that the structural reforms, being implemented by Saudi Arabia, were the most prominent factor in the agreement of economic reports on the improvement of the Saudi economy. Moreover, since the announcement of Saudi Vision's Realization Programs, the Kingdom of Saudi Arabia has made tremendous achievements and the pandemic period did not affect the progress of economic reforms, whereas the government announced many programs and reforms. Meanwhile, Al-Yaum newspaper reported in its editorial that the international credit rating agency "Moody's"updated Saudi Arabia's credit rating to "A1", with a negative outlook, citing external shocks due to COVID-19 pandemic. The agency stressed that the structural reforms in the Kingdom of Saudi Arabia led to reducing the fiscal deficit in the first quarter, noting that the non-oil sector continues to recover, supported by the strong growth of infrastructure of real estate products. The agency's report mentioned that Saudi Arabia is the second largest oil producer (including natural and condensed gas) in the world. It has significant reserves, the lowest extraction costs worldwide and a high degree of competitive advantage over other oil producing nations due to long experience. All this information comes to highlight the strength of the Saudi economy, which is developing in its capacity according to the plans of the Saudi Vision 2030, the newspaper concluded.
