The Minister of Finance and the Governor of SAMA comment on the statement issued by the International Rating Agency (Fitch)
Commenting on the statement issued by the International Rating Agency (Fitch) that the Kingdom of Saudi Arabia has maintained its long-term local and foreign currency Issuer Default Ratings (IDR) at “AA-” with stable outlook, H.E. The Minister of Finance Dr. Ibrahim Al-Assaf pointed out that this credit rating is considered to be excellent in light of the international economic conditions and regional circumstances. The Kingdom, with the guidance of God has been able to avoid negative repercussions of the global financial crisis. Economic and financial policies pursued by the Government of the Custodian of the Two Holy Mosques have resulted in strengthening financial stability, reducing the level of public debt and building financial reserves. This backdrop helps reinforce the ability of the Kingdom to continue with implementation of ambitious social and economic development projects in the Kingdom.
In this regard, H.E. The Governor of SAMA Dr. Fahad Al-Mubarak said that the stable credit rating issued by Fitch, which had downgraded a number of countries, is a reflection of sound economic policies pursued by the Government of the Custodian of the Two Holy Mosques as well as political and financial stability and public security enjoyed by the Kingdom. The Governor also noted that the Kingdom is determined to continue to modernize the infrastructure and stimulate economic activity in order to diversify sources of income, promote investment in human resources and meet the challenges of the national economy, especially the housing and unemployment. He also reiterated the stability and durability of the Saudi financial sector and its ability to finance economic activities of the private sector.