1.3  Transparency and enhanced surveillance  The efficiency of international capital markets depends on the availability of reliable and timely information both on debtor countries and market participants. –  As regards the public sector, many efforts have been achieved, such as the IMF codes of good practices on transparency in the field of fiscal policy or monetary and financial policies or the promotion by the IMF of statistical standards (the so-called SDDS). –  International Financial Institutions have also continued to proceed toward greater transparency. Several initiatives have been launched, I will particularly point out the participation of 60 countries on a voluntary basis in the pilot experience for the release of IMF article IV reports. –  As far as the private sector is concerned, parallel efforts need to be pursued. Progress may take the form of improved disclosure on a voluntary basis, more demanding statistical reporting and extended requirements for non-transparent segments of the financial markets. Thanks to improved transparency important progress is being made to strengthen IFI’s surveillance in key areas, including financial sector issues, external debt and capital account developments, exchange rate policies. As Prime Minister Fraser has mentioned, the definition of internationally agreed standards and codes is also strongly impacting the IMF surveillance; the implementation of these standards will reduce emerging market economies’ financial vulnerabilities and together with enhanced transparency, improve market discipline and market participants’ ability to better assess the risks of their investment decisions.

The efforts based on further expanding the number of universities, technical and technological colleges as well as schools of general education; increasing admissions and offering more scholarships for study abroad and increasing budgetary allocations for promoting health and social services represent a sound strategic option for enhancing the sound march of economic development and will bear fruitful results, God willing. Custodian of the Two Holy Mosques, The economic indicators observed by SAMA indicate a continuous high inflow of direct investments in almost all sectors, and a deeper and more solid national economy. This, in turn, was reflected by the International Rating Agencies’ increase of the Kingdom’s credit rating and the remarkable interest of the world top investors in the Kingdom’s investment opportunities. Your wise directives have emphasized that the development and investment efforts should cover all the Kingdom’s regions, which were supported by Your regional field visits around the Kingdom to increase growth and investment capacities and expand the economic base. Custodian of the Two Holy Mosques, Inflow of direct investments to various productive sectors is a strong evidence of the Kingdom’s investment attraction and the interest of both local and foreign investor. Part of these investments flow through the Capital Market which plays a very important role in the economy. It provides additional channels for project financing, and, at the same time, it offers to investors diverse investment instruments.