Saudi Arabian Finance Minister: We support fragile countries like Turkey
One notable statement came from Saudi Arabia, one of the countries the government knocked on for financial support ahead of the election.
Speaking to US-based Bloomberg TV in Davos, Switzerland, where he was for the World Economic Forum, Saudi Arabia’s Finance Minister Mohammed Abdullah al-Cedan counted Turkey among the “fragile” countries to which who provided financial support.
Stating that many countries in the world are facing a recession and need support, al-Cedan said some countries default by not being able to refinance their debts and more countries may default, adding: “We must help the most fragile countries.”
On the presenter’s question about Saudi Arabia’s support for Pakistan, al-Cedan stated that they have provided and will continue to provide economic support not only to Pakistan but also to Egypt and Turkey, which are working with international and regional multilateral institutions in this regard, as well as transfer donations and deposits, he said that they also invest in these countries and continue to look for investment opportunities.
Stating that inflation is high in fragile countries, al-Cedan said that these countries can borrow foreign currency at an interest rate of more than 10 percent.
TRADE IN CURRENCY NOT DOLLAR
The Saudi minister said they are open to discuss trade in currencies other than the US dollar.
When asked about relations with China, the Saudi minister said: “We have very strategic relations with China. We have the same strategic relationships with other countries, including the United States. We want to develop our relations with other countries that are willing and able to work with us,” he said.
PROMISES US$5 BILLION TO TURKEY
In a statement dated December 7, 2022, the Finance Minister of Saudi Arabia announced that his country would transfer $5 billion as deposits to the Central Bank of the Republic of Turkey (CBRT) within days. However, after this statement, there was no new statement from the parties.
Following the brutal murder of Saudi journalist Jamal Khashoggi at the Saudi Arabian Consulate General in Istanbul in 2018, tensions rose between the two countries and Saudi Arabia began to implement a de facto boycott of Turkish goods.
The AKP government, which was experiencing economic difficulties before the elections, knocked on Saudi Arabia’s door and normalization steps were taken between the two countries after the closure of the Jamal Khashoggi case.
Saudi Arabia, the world’s second-largest crude producer with approximately 11 million barrels per day, also stands out as the world’s largest crude exporter with 7.5 million barrels per day. Rising oil prices had increased this country’s income rapidly in 2022.