By NNN-KUNA,
Riyadh : Economic development projects in Saudi Arabia will not be affected by the international financial crisis, and there are are enough revenues to finance these ventures, Saudi minister of finance Dr. Ibrahim Al-Assaf said.
The decline of Saudi stock market is unjustified because the Saudi banks posted excellent third quarters results thus they were unaffected by the US credit crisis, state-run TV quoted Al-Assaf as saying on Saturday.
Al-Assaf ruled out problems in liquidity so there would no to trouble in financing projects in future.
The finance minister brushed aside reports that deposits in the Saudi banks were at risk, and saudi Saudi Arabia has been actively contributing to tackling international financial and economic problems.
He said the oil prices were not to blame for the financial crisis but to the huge borrowing volumes that took place in the US.
The problem is not in oil supplies but in the financial markets, he noted.