The Council of Economic and Development Affairs held a virtual meeting to discuss various reports and items on the agenda, including the monthly presentation on global and local economic performance.
The presentation emphasized the Kingdom's economic policies' durability and flexibility in dealing with global concerns, highlighting examples such as the drop in inflation rates and the growth in commodity exports.
The council also reviewed reports on the financial performance of the second quarter of the fiscal year, the follow-up on previous decisions and recommendations, and the accomplishments of the Digital Content Program in 2023. They arrived at conclusions and issued recommendations based on these discussions.
"Jeddah, August 12, 2024." The Council of Economic and Development Affairs held a virtual meeting to examine a large number of reports and items on the agenda. Among the items that were evaluated was the monthly presentation on global and local economic performance that was given by the Ministry of Economy and Planning in August 2024.The presentation included a discussion on the possibilities for the global economy, the challenges that the global economy faces, and the consequences that these factors have for the nation's economy. It emphasized the Kingdom's economic policies' durability and flexibility in coping with global concerns by constructing a diverse and stable economic foundation. Both the persistent drop in inflation rates, which reached 1.5% in June, and the annual growth of 8.2% in commodity exports in May, which can be related to programs aimed at economic diversification, are examples of the resilience that the economy possesses.Additionally, the presentation that the Ministry of Finance gave regarding the report for the second quarter of the fiscal year 2024 was scrutinized by the council. A comprehensive analysis of the financial performance up until the end of the second quarter of the current fiscal year was included in the report, which was accompanied by information regarding revenue, expenditures, and the level of public debt. In addition, it highlighted the efforts that are being made to improve the quality of services that are being provided to people and residents, to support social protection programs, to build infrastructure, and to go forward with vital measures that support economic diversification in order to accomplish the goals of Saudi Vision 2030.In addition, the council discussed and reviewed a presentation that was delivered by the Project Management Office at the Secretariat of the Council of Economic and Development Affairs. The presentation was about the council's follow-up on decisions and recommendations that were issued during the second quarter of the twentieth century. This included a comprehensive presentation of the council's accomplishments, along with a comprehensive collection of achievement statistics.In addition, the council looked over the annual presentation that the Digital Content Council gives regarding the accomplishments of the Digital Content Program in 2023. The presentation reviewed the topic of the rise of digital material in the Kingdom. The presentation also highlighted significant accomplishments and provided an overview of the current position of the program in terms of activities that have been finished and projects that are still underway, as well as challenges and potential solutions.Regarding these issues, the council arrived at the proper conclusions and issued the appropriate recommendations.