Economic reforms efforts are bearing fruit, Cabinet hears
Custodian of the Two Holy Mosques King Salman chairs the weekly session of the Council of Ministers at Al-Salam Palace in Jeddah on Tuesday. — SP
JEDDAH — Custodian of the Two Holy Mosques King Salman has called for doubling efforts to provide the best services and facilities to Umrah pilgrims, visitors and worshipers during the blessed month of Ramadan, Saudi Press Agency said on Tuesday.
Chairing the weekly session of the Council of Ministers here on Tuesday, the King said the best arrangements should be in place at the Two Holy Mosques in Makkah and Madinah, the holy sites, on the roads, and at the airports and seaports so that Umrah pilgrims perform their rituals and prayers in peace and comfort.
During the meeting, the Council of Ministers reviewed the preparations and services to be provided by the public and private sectors to Umrah pilgrims and visitors during Ramadan, said Minister of Media Turki Al-Shabanah.
The Council of Ministers also reviewed the Quarterly Report of the General Budget Performance for the fiscal year 1440/1441 AH (2019 AD). The fiscal data reflects improvement in the public finance performance as a result of efforts of the government. It also reflects the government’s commitment to transparency and disclosure, strengthening of the public fiscal governance and regulation and achievement of the Fiscal Balance Program objectives.
The Council stressed the positive evaluation in the Fitch Ratings Agency report, as it has given the Kingdom A+ future outlook for credit rating and an A1 rating with a stable outlook. The Council added that this confirmed the strength of Saudi Arabia’s economy and the effectiveness of economic reforms being carried out by the government of the Kingdom.
Meanwhile, Credit Rating Agency Moody’s has given Kingdom A1 rating with a stable outlook.
The Council of Ministers said that this reflects the international rating agencies’ confidence in the Kingdom’s economy and the effectiveness of economic reforms taken by the Kingdom’s government as part of the Fiscal Balance Program, whose goals are set to be achieved by 2023.
The Council approved a cooperation agreement with UNESCO to set up a program for training young professionals.
The Cabinet also approved a memorandum of understanding (MoU) between the General Administration for Saudi Arabia Financial Investigation Organization (SAFIU) at the Presidency for State Security in Saudi Arabia and the Australian Transaction Reports and Analyis Centre (AUSTRAC) for cooperation in exchanging information to combat money laundering and terror funding and related crimes.
The Council decided that the Real Estate General Authority should take over the registration of real estate properties, a function that used to be carried out by the Ministry of Justice and the Ministry of Municipal and Rural Affairs. — SPA
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