2005 News Story

Cabinet: Condolences for earthquake, Iraq, economy

Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz presided over the regular Cabinet meeting on Monday. The King briefed the Cabinet on his recent talks with Egyptian President Hosni Mubarak, which focused on bilateral, regional and international issues, most notably the latest developments in the Palestinian territories and the current situation in Iraq. The King also discussed other meetings and consultations with world leaders and their representatives.

The Cabinet then offered condolences to the governments and people of Pakistan and India following Saturday’s earthquakes. In his briefing following the Cabinet meeting, Minister of Culture and Information Iyad Madani stated that under the directives of King Abdullah, Saudi Arabia would provide assistance to the victims of the earthquake, including a directive to launch a donation campaign throughout the Kingdom to enable all Saudis to express their sympathy with the victims of the disaster.

On Iraq, the Cabinet said it hoped that Iraqis would cooperate with the Arab League delegation that is currently visiting the country to facilitate a national reconciliation and enhance Iraq’s unity and Arab identity.

On domestic issues, King Abdullah highlighted the economic achievements of 2004-2005, which were the result of the Kingdom’s sound economic policies and positive developments in the oil market.

The Cabinet also adopted a number of finance-related resolutions. In light of a Ministry of Finance report on financial reforms and an enhanced system of combating money laundering, the Cabinet approved resolutions, including: coordination of all governmental authorities with the Department of General Statistics; improved transparency in economic statements; the establishment of a secondary stock market for governmental securities; and the acceleration of work for setting up a system of real estate mortgages.

Other resolutions included authorizing draft agreements with Turkey on shipping, Iran on cooperation, and Switzerland on investment. The Cabinet also made several appointments.