Chairman of the Steering Committee of the Saudi Ministry of Finance, Abdulaziz Al-Fraih, confirmed that the Kingdom has entered a new era related to financial sustainability, specifically with regard to medium-term planning.
During the Forum on Debt Markets and Future Developments, Al-Fraih considered that economic reforms had a direct impact on enhancing the creditworthiness of Saudi Arabia, explaining that the issue of public debt is more important in financial sustainability than in financial balance, because sustainability includes a strategic view and not a proactive or reactionary.
He described the process of achieving the strategy required for managing public debt, which is being carried out by the Public Debt Management Center, which includes many elements, in the way of compatibility between size, timing, type and price, to be a distinguished strategic journey that the center started in cooperation with the Ministry of Finance, continued and achieved many leaps that exceeded expectations.
The Center for Communication and Financial Knowledge “Mutamam” had organized the fifth edition of the Diwaniyat al-Maarifa under the title “The development of debt markets and future prospectsIn conjunction with the holding of the State General Budget Forum under the auspices of the Chairman of the Steering Committee at the Ministry of Finance, Abdulaziz bin Saleh Al-Fraih.
During the Diwaniyah, two dialogue sessions were held, the first: with the CEO of the National Center for Debt Management Hani Al-Madini, in which he touched on various files that shed light on the Kingdom’s efforts to benefit from the local and international debt markets, the obstacles that the center has overcome in the industry and development of the debt market, and the success it has achieved In completing the first issuance outside the eurozone with a negative return, it also addressed the efforts of the center in coordination with government agencies to overcome the emerging “Covid-19” pandemic and its effects, and to maintain the debt level below the specified ceiling, and other topics.
In the second dialogue session, a number of officials and treasury chiefs in local banks discussed the developments of the debt market in the Kingdom and future trends, in addition to developments in the debt market in the government sector and the strength of the Kingdom’s papers in the local and global markets. The Diwaniyah also presented successful experiences in the field at the local and international levels, and other visual presentations to introduce the debt markets and its tools.
It is noteworthy that the “Knowledge Diwaniyah” is one of the initiatives of the Center for Communication and Financial Knowledge, and it targets the leaders of the financial system who are interested and specialists from the financial sector and other parties, in order to enhance participatory communication and enrich knowledge, in addition to exchanging experiences and spreading financial culture and linking it to technical progress.