Saudi domestic investment plan will be maintained after economic recovery, says Finance Minister

Saudi Finance Minister Ibrahim al-Assaf said a government programme to invest US$400 billion over five years would not be halted when the economy recovers and financial stimulus is withdrawn.

Speaking from Pittsburgh where he was attending the G20 summit, al-Assaf told reporters: "With regard to Saudi Arabia, if there is a move to reduce stimulus... the government investment programme will continue. The issue of the investment programme of the government will continue as it does not have inflationary effects."

Saudi Arabia unveiled last year a $400 billion development and investment programme to help the oil-based economy sustain growth in the face of the global crisis, which drove oil prices down from record highs near $150 a barrel in mid-2008.