It also emphasized that the government would continue to implement development projects and augment factors that would boost the country’s economic strength and growth.
The Cabinet, which was chaired by Custodian of the Two Holy Mosques King Abdullah, made this comment while reviewing the aftermath of the world economic crisis.
"Saudi Arabia will continue to make budget allocations for infrastructure projects as well as for increasing production capacity and creating a secure atmosphere for more investments in the country," it said.
The Cabinet supported the measures taken by the Supreme Economic Council last week to ensure bank liquidity and protect the Kingdom’s banking system.
The Cabinet urged relevant state agencies to make use of the global economic downturn in favor of Saudi citizens by cutting down prices of goods and services and the rate of inflation.
Earlier, King Abdullah briefed the ministers on the outcome of his talks with Lebanese President Michel Suleiman, adding that the president’s visit reflected the deep-rooted relations between the two countries.
"Saudi Arabia attaches great importance to the security and safety of Lebanon and its national unity and political independence," Culture and Information Minister Iyad Madani told the Saudi Press Agency.
"Lebanon will remain an Arab model for tolerance and coexistence among schools of thought (madahib), religions and races," the minister added.
The Cabinet welcomed the agreement between Lebanon and Syria to establish diplomatic relations. "This is a step toward achieving equitable normal relations between the two countries."
The meeting set up a national committee under the leadership of the head of the Presidency of Meteorology and Environment Protection to implement the recommendations of a seminar on the harmful effect of asbestos.
Madani said the Cabinet took a number of other important decisions. It authorized Interior Minister Prince Naif or his deputy to hold talks with his Swiss counterpart to conclude an agreement on fighting crimes; approved an accord signed with Italy on fighting crimes; and endorsed another accord with Italy for promoting health cooperation. The Cabinet appointed Abdullah bin Mohammed Al-Subail undersecretary at the Ministry of Municipal and Rural Affairs for grading of contractors; Ahmed bin Abdul Rahman Al-Bassam director general of water in the Eastern Province, Ibrahim bin Ali Abdul Haq minister plenipotentiary at the Foreign Ministry, Jamal bin Mahmoud Tayeb geological consultant at the Ministry of Petroleum and Mineral Resources, and Abdul Rahman bin Mohammed Al-Abdullatif director general of the Control and Investigation Board in Riyadh.
Meanwhile, the Shoura Council yesterday unanimously voted in favor of a proposal to exclude Saudi Telecom Company and similar companies that own telecom networks from Article One of the Company Law.
