Saudi economy unaffected by global crisis

Saudi Arabia's economy is solid and has proven capable of facing ripples of the global economic crisis since 2008, said Saudi Finance Minister Ahmad Al-Assaf. The Saudi economy has continued posting growth at a time economies of other nations suffer from recession, said the minister in a statement, addressed at "the energy dialogue forum," on Monday. The Kingdom continues to play a major economic role on the international stage. namely with the G-20 nations, the International Monetary Fund and other powers, he said. The European financial crisis remains "pivotal challenge in the face of the international economic growth," and it has affected economies of many nations, however Saudi Arabia has succeeded in "withstanding winds of the crisis since its break-out and remains capable of coping with any new challenges," Al-Assaf stressed. Al-Assaf called on central banks in Europe to take action to resolve the crisis with immediate and effective steps. Saudi authorities have devised a special investment program, effective since flare-up of the global economic crisis in 2009.