Speaking to Bloomberg at the World Economic Forum, Saudi Arabian Finance Minister Mohammed Abdullah Al-Jaddah stated that they give economic support to “fragile countries”, including Turkey.
Al-Jaddah said, “The world is facing many challenges such as power security and inflation. Davos is a good way to engage in dialogue. The opening of China is no surprise. They had a zero covid policy, now they understood that they had to lift the restrictions again. This is a favorable development for the world economy. In terms of the supply chain, it is valuable that China is back. On the power side, what we’re trying to do is try to invest as much as we can in both conventional and renewable power so that there’s enough power supply to the world.”
Stating that many countries are at risk of recession and that the world economy needs support, Al-Jaddan said, “Some countries have defaulted by not being able to roll over their debts, there is a possibility that more countries may default. “We have to help the most vulnerable countries,” he said.
When asked about the support given to Pakistan by Saudi Arabia, Al Jaddah said, “We are giving economic reinforcement not only to Pakistan but also to Egypt and Turkey. We will continue to give. We work with multilateral international and regional institutions on this issue. We do not only transfer grants or deposits, but also make large investments in these countries. We also continue to look at investment opportunities.”