FROM THE OFFICE OF PUBLIC AFFAIRS

Today Dr. Ibrahim al-Assaf, Minister of Finance and National Economy for the Kingdom of Saudi Arabia, and Mr. Paul H. O'Neill, Secretary of the United States Department of the Treasury, held an in-depth dialogue on economic issues of mutual interest, including the global economic situation. They also discussed the economic reform program being implemented to support more rapid, broad-based growth in Saudi Arabia. Both parties agreed that today's dialogue aims at strengthening the long-standing U.S.-Saudi cooperation on economic issues. This cooperation dates back to the creation of the United States-Saudi Arabian Joint Commission on Economic Cooperation in 1974, following the visit to the United States of King Fahad, Custodian of the Two Holy Mosques, when he was Second Deputy Premier and Minister of Interior. Both parties agreed to continue the dialogue, expressing their intention to meet annually or more often as circumstances require.