The S&P report on the economy of Saudi Arabia reflects the strength of the Kingdom’s financial position

In an interview with Al Arabiya, the president of the Basic Business Bureau for Economic Investments, Omar Bahliwa, called Standard & Poor’s report on Saudi Arabia rating positive and reflects an image of the financial situation and the economic situation in general.

Bahliwa added that the tendency of the Kingdom to take in lending instead of exploiting its existing resources, This is an ideal solution in based on the investment strategyIn addition to the work of the Public Debt Management Center, it operated with a distinctive methodology in dealing with the method of indebtedness and public debt, reaching in professional way the debtors.

He indicated increasing the value of the added tax, from 5% to 15%, compared to the tax levels of 45% in international capitals, as well as expectations to reconsider tax rates in the Kingdom, to reduce them.

He spoke of the excellence of the Kingdom in different aspects, in in particular by addressing the conditions of the Corona pandemic, digital development and the development of government services, as well as the launch of numerous important projects and initiatives.

He said the Public Investment Fund will be the financier of large projects, and will be the one who will put the first financial investments for projects like Qiddiya, Amala and others.

Standard & Poor’s had confirmed the Kingdom’s credit rating at A- with stable prospects, predicting a resumption of growth until 2024 driven by high oil prices, the loosening of OPEC production quotas and the increase in vaccination rates. in Saudi Arabia.

The agency said that after the Covid-19 pandemic hit the economy, Saudi Arabia has returned to ambitious investment projects linked to its strategy to reduce the economy’s dependence on oil. The Fund for Public Investments and other entities in the oil and non-oil sector make significant investments.

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