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Saudi finance minister says no immediate plans to transfer more funds to PIF

By Raeann Left 2 months ago

Saudi Minister of Finance Mohammed al-Jadaan gestures as he speaks through the Saudi Eco-friendly Initiative Discussion board to go over endeavours by the world’s major oil exporter to tackle local climate transform, in Riyadh, Saudi Arabia, Oct 23, 2021. REUTERS/Ahmed Yosri

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DUBAI, May perhaps 23 (Reuters) – Saudi Arabia’s finance minister said on Monday there have been no instant options to transfer a lot more money to the General public Financial investment Fund (PIF), the sovereign prosperity fund at the centre of the kingdom’s options to diversify its financial state absent from oil.

The PIF manages above $600 billion in belongings, a figure that has doubled in about two years.

“I think there is no fast strategy to transfer any resources to PIF,” said Finance Minister Mohammed al-Jadaan, speaking at the Earth Financial Discussion board in Davos, Switzerland.

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In 2020, the PIF obtained a $40 billion injection from the central bank, which Jadaan reported at the time was performed on an “outstanding basis”.

In February this 12 months, Saudi Arabia transferred 4% of oil huge Saudi Aramco’s shares, now worthy of $92 billion, to the PIF.

Jadaan claimed Saudi Arabia would, in the very first quarter of subsequent year, deploy its expected surplus from this 12 months exactly where it would have “the most positive impression on the economic system”, together with to the Countrywide Development Fund, which supports non-public sector expenditure.

“So we need to have to make positive we allocate more than enough quantity of dollars to them,” he reported. “We have possibilities to invest with the PIF due to the fact they are really creating extremely good specials in their investments and carrying out very properly, each inside of Saudi and exterior,” he included.

“And then you will need to glance at, you know, your reserves. Is there possible medium-time period exterior shocks (so) that you will need to construct much more reserves, or what you have now is sufficient?”

Jadaan reiterated Saudi Arabia expects financial development of 7.4% this year and mentioned inflation was seen achieving between 2.1% and 2.3% by the stop of 2022.

A cap on petrol costs when oil breaches $70 was aiding incorporate inflation, he included.

“It was the close of last yr we froze the price tag escalation of gasoline for the inner financial system and households at $70. So anything over $70, the economic climate will not feel that heat.”

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Reporting by Saeed Azhar and Yousef Saba
Writing by Yousef Saba
Editing by Mark Potter

Our Requirements: The Thomson Reuters Rely on Principles.

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