We support fragile countries like Turkey

SAFAKNA TURKEY – A remarkable statement came from Saudi Arabia, one of the countries where the government knocked on the door for economic support before the elections.

Speaking to US Bloomberg TV in Davos, Switzerland, where he was at the World Economic Forum, Saudi Finance Minister Mohammed Abdullah al-Sedan called Turkey one of the “fragile” countries they provided economic support to.

Saying that many countries in the world are in recession and in need of support, al-Sedan said that some countries are defaulting because they cannot roll over their debts, and that many countries may default, adding: “We must help the most vulnerable countries. “

Asked by the host about Saudi Arabia’s support for Pakistan, al-Sidan said that they have provided and will continue to provide economic support not only to Pakistan, but also to Egypt and Turkey, and that they are working with multilateral international and regional institutions in this regard. as well as the transfer of grants and deposits. He said that they are also investing in these countries and continue to look for investment opportunities.

Stating that inflation is high in unstable countries, al-Sedan said those countries can borrow foreign currency at an interest rate of more than 10 percent.

TRADING IN CURRENCY NOT DOLLARS

The Saudi minister said they are open to discuss trade in currencies other than the US dollar.

Asked about relations with China, the Saudi minister said, “We have a very strategic relationship with China. We have the same strategic relationship 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.

PROMISED 5 BILLION TURKEY DOLLARS

In a statement dated December 7, 2022, Saudi Arabia’s finance minister announced that his country would transfer $5 billion in deposits to the Central Bank of the Republic of Turkey (CBRT) within days. However, after this statement, there were no new statements by the parties.

After the brutal murder of Saudi journalist Jamal Khashoggi at the Saudi Consulate General in Istanbul in 2018, tensions between the two countries escalated, with Saudi Arabia beginning to effectively boycott Turkish goods.

The AKP government, which was experiencing economic difficulties ahead of the elections, knocked on the door of Saudi Arabia, and after the Jamal Khashoggi case was closed, steps were taken between the two countries to normalize relations.

Saudi Arabia, the world’s second largest producer of crude oil with approximately 11 million barrels per day, also stands out as the world’s largest exporter of crude oil with 7.5 million barrels per day. Rising oil prices have rapidly boosted this country’s revenues in 2022.