1996 News Story

Prince Sultan praises Saudi economy

Prince Sultan Bin Abdul Aziz, Second Deputy Prime Minister and Minister of Defense and Aviation, today affirmed in a newspaper interview that the economy of the Kingdom of Saudi Arabia is “clearly on the upturn”, saying:  “Check any indicator you like:  inflation is down, the currency is stable, liquidity is improving, and growth rates have topped 3 to 5 percent over the last year.   The address made by Crown Prince Abdullah Bin Abdul Aziz, Deputy Prime Minister and Commander of the National Guard when presenting the new budget made it clear that our economy is regaining its strength and resuming its growth.   We are, of course, affected by weak winds from the international economy as a whole, but it is fair to say that our economy is in a much better position than most.   Our developmental objectives are back on course and the trend toward improving our people’s living standards will continue.”

Referring to Crown Prince Abdullah as a “man of work” who had “the experience and command of the issues needed for his task”, Prince Sultan remarked that he “is performing duties assigned to him by King Fahd during his convalescence in accordance with the constitution.   My brother Abdullah was prominent in this country’s leadership even at the time of our father.  He has been at the center of decision-making in this Kingdom for more than thirty years”.

On regional issues, Prince Sultan said he hoped that “petty squabbles” would not divert the Gulf Cooperation Council (GCC) from its historic mission.   Praising the unbreakable unity of the Saudi nation, he remarked:  “We are a coherent people with one faith and one national identity”.