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  • 27-10-20

    KSA: Economy needs collective global aid

    (MENAFN) Yousef Al-Benyan, chairman of Business 20 (B20) in Saudi Arabia addressed the business community saying that the world must unite together to work on restoring order after the dramatic effect Covid-19 outbreak had on business.

    During this year's event in Riyadh, Al-Banyan, who is also CEO of Saudi Basic Industries Corp (Sabic) gave an opening speech where he praised the work governments and central banks have put in as a way to deal with the blow the economy suffered through because of the pandemic.

    His speech was directed towards 1,500 business leaders who attended the event, where he highlighted the importance of continuous work on the issue, and not to succumb to the situation with the belief that enough has been done. For so far the G20 have inserted almost USD11 trillion to shelter the global economy with a clear commitment and determination to do whatever it takes to suppress the crisis induced by the virus.

    He added: "The measures will not be enough to fully address the structural changes this crisis is inflicting upon us. More must be done by all the actors of the world. No governments, nor business sector, or region single handedly will be able to repair the damages. This is the time when the need for global cooperation is the highest."

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