2003 News Story

Al-Assaf attributes positive revenues to increase in oil production and robust world oil prices

Minister of Finance Dr. Ibrahim Al-Assaf has attributed the positive revenue in this year's budget to increased oil production and robust world oil prices.  Dr. Al-Assaf, speaking following a meeting of the Saudi-Chinese Business Council, said the surplus will be used for either retiring the public debt or as reserve.  Dr. Al-Assaf dismissed arguments that the pegging of the Saudi Riyal to the U.S. dollar is harmful to the Saudi economy, saying that it serves the Saudi economy well.

On the issue of women in the work force, Minister Al-Assaf restated the government’s commitment to bringing in more women.