Saudi Arabia’s King Abdullah urges global financial reforms

Saudi Arabia’s King Abdullah urges global financial reforms

King Abdullah, who attended G20 summit in Toronto, was commended for KSA’s successful political and economic policies.

June 29, 2010 9:48 by Rasha Reslan

Custodian of the Two Holy Mosques King Abdullah, who attended the G20 summit in Toronto, has emphasized the need for global financial reforms to avoid future international economic crises, according to a statement issued by the Council of Ministers.

Crown Prince Sultan, deputy premier and minister of defense and aviation who chaired the Cabinet meeting, commended King Abdullah’s participation in the summit and said it reflected the Kingdom’s international stature and the success of its political and economic policies.

“King Abdullah’s speech at the G20 meeting contained important affirmations on global economic situations, financial systems and oil market developments and support to developing countries, especially poor ones,” Prince Sultan told the Cabinet.

Prince Sultan said King Abdullah had also spoken about the political, financial and monetary measures taken by Saudi Arabia in order to confront the global economic crisis.

The government has decided to spend $400 billion until 2013 to offset the crisis’ impact.

The Cabinet reviewed the latest international developments and condemned Israel’s decision to demolish 22 Palestinian homes north of Jerusalem.

The Cabinet called for joint global efforts to combat drug addictions and smuggling, referring to the World Anti-Drugs Day that falls on June 26.

Social Affairs Minister and Acting Information Minister Yousuf Al-Othaimeen said the Cabinet meeting adopted a number of important decisions.

It authorized Second Deputy Premier and Minister of Interior Prince Naif to hold talks with his counterpart in Tajikistan in order to sign an accord on combating crimes.

The Cabinet approved Saudi Arabia’s accession to the Optional Protocol to the Convention on the Rights of the Child relating to sales and abuse of children, adopted by the United Nations on May 5, 2000 as the convention on the involvement of children in armed conflict.

It also endorsed two agreements with Sudan for land and marine transportation.

The Cabinet instructed government departments to review the progress of their efforts to provide electronic-based services after every six months and present an annual report to higher authorities.

The Cabinet appointed Saad bin Abdul Rahman Saadi undersecretary at the Riyadh Governorate for security affairs and Ibrahim bin Suleiman Al-Deraibi assistant undersecretary for security affairs at Asir Governorate.

–Arabnews