Saudi Foreign Minister, Adel al-Jubeir, has announced that Saudi Arabia can withstand the impact of low oil prices on state revenues and economic growth, reported Reuters.

“The deficits that the kingdom will be running this year are manageable,” he told reporters at a security conference in Bahrain.

“We are on the tail end of a huge infrastructure development program in terms of airports, roads, hospitals, highways, housing and so forth and so there was a lot of spending,” said Jubeir.

“We have no doubt that the growth rates in our economy will continue and the financial health of the kingdom will remain as strong as it has been,” he said.

According to Trade Arabia, the foreign minister also revealed that Saudi Arabia and the other GCC states had accumulated large financial reserves over the past 12 years thanks to very high oil prices.

He added that the kingdom’s debt to GDP ratio of 12% was actually lower than any other G20 nation.