The Saudi Royal family has been strongly hit by a crash in oil prices and the coronavirus pandemic which has seen a strong negative economic impact across the MENA region.
The reluctantly oil dependant Al Saud family agreed to cut oil output last week in order to stabilise the price drop, as consumption of oil has hit a low in recent times due to lockdowns across most of the top oil consuming nations.
Saudi Finance Minister Mohammed Al-Jadaan has said the nation will tackle the current crisis from a position of strength.
In a statement on Friday, the minister pointed to the country’s considerable reserves and low debt obligations as key factors that would allow it to weather the slowdown of the global economy due to the pandemic.
Al- Jadaan stated “It will be much worse than the previous global financial crisis, especially that coronavirus pandemic has had its toll on humanity,” he said.
Al-Jadaan made his comments at the virtual G20 Finance Ministers and Central Bank Governors Meeting on Thursday.
