| 11 Nov 2009 |
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Saudi Arabia's economic reforms on track: WB
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JEDDAH - Saudi Arabia's reform programs are on the right track and should continue in order to skirt problems, World Bank Managing Director Dr. Ngozi Okonjo-Iweala said.
At a press conference at the Islamic Development BankIslamic Development Bank
(IDBIDB) headquarters here on Tuesday, Ngozi, who was finance minister of Nigeria from July 2003 to June 2006, said that the Kingdom has to continue its reforms since "any country that stands still and does not continue to reform will have problems," she said."No country is immune (from the global financial crisis)," she added.
Ngozi said the World Bank is very much in support of the Saudi reforms' course.
She also stressed the importance of continuous job creation that the government undertakes.
Citing unemployment as a global issue, she said "with reforms, we grow our economies, and the economy will create jobs."
Ngozi lauded the government's approach to contain the impact of global economic downturn, noting the use of reserves to try to deflect the direction of the crisis.
Moreover, Ngozi said her talks with the IDBIDB
management team headed by its President Dr. Ahmed Muhammad Ali went well."We discussed and agreed to strengthen cooperation on areas of strategic importance to both institutions (such as) in food security, Islamic finance and agriculture," among others.
She added that both institutions will continue to work together as in the past.
Ali noted the very strong cooperation and relationship between the World Bank and the IDBIDB
ever since, saying that the visit of Ngozi is a "continuation of the very active relationship between the two financial institutions."Ngozi further said the discussions also focused on climate change and its negative impact on all aspects of economic development, especially in the agricultural sector. "Cooperation between the World Bank and the IDBIDB
is needed to help address the environmental problems," she said. Ali briefed the guest on the Islamic Solidarity Fund for Development, as well as the Bank's efforts to support economic and social development in African member countries.
By Habib Shaikh
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