Saudi Arabia's finance minister said the kingdom will be changing the way it provides assistance to allies, demanding reforms and no longer giving direct grants and deposits unconditionally.
The kingdom – the world's top oil exporter and a Middle Eastern powerhouse – was going to be encouraging countries in the region, along with other countries that ask for Saudi aid, to enact economic reforms, finance minister Mohammed al-Jadaan revealed at the World Economic Forum in Davos.
"We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms," the finance minister said.
"We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part," minister al-Jadaan added.
Saudi Arabia, and other wealthy Gulf states like the United Arab Emirates and Qatar, have increasingly emphasised on investments and targeted aid, rather than extending financial support to governments on goodwill alone.
Earlier this month, it was reported that Saudi Arabia would boost its investments in financially stressed Pakistan to $10 billion, and raise its deposits in the State Bank of Pakistan to $5 billion, to help the country weather an unprecedented economic storm.
The kingdom – the world's top oil exporter and a Middle Eastern powerhouse – was going to be encouraging countries in the region, along with other countries that ask for Saudi aid, to enact economic reforms, finance minister Mohammed al-Jadaan revealed at the World Economic Forum in Davos.
"We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms," the finance minister said.
"We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part," minister al-Jadaan added.
Saudi Arabia, and other wealthy Gulf states like the United Arab Emirates and Qatar, have increasingly emphasised on investments and targeted aid, rather than extending financial support to governments on goodwill alone.
Earlier this month, it was reported that Saudi Arabia would boost its investments in financially stressed Pakistan to $10 billion, and raise its deposits in the State Bank of Pakistan to $5 billion, to help the country weather an unprecedented economic storm.