Tuesday 20 November 2018

Saudi economic reforms win IMF praise

RIYADH, July 22, 2017

The International Monetary Fund (IMF) has commended Saudi Arabia’s economic reform programme, under the Kingdom’s vision for 2030, which has made considerable progress in launching an ambitious reform agenda while financial control efforts have begun to bear fruit.
The IMF pat for the kingdom came as its team of experts recently concluded reviewing its Article IV consultations with Saudi Arabia, said the Emirati state news agency Wam.

The outlook for the non-oil sector is expected to rise to 7.1 percent in 2017, but the total gross domestic product (GDP) will be near zero, as oil GDP falls under Saudi Arabia's commitments under the Opec agreement, stated the report citing the IMFstatement.

The Saudi fiscal deficit is expected to fall substantially in the coming years, from 2.17 percent of GDP in 2016 to 3.9 percent of GDP in 2017, and slightly below 1 percent of GDP by the end of the year, stated the report.

The IMF executive board laer commended the bold adjustments to the Saudi economy, due to the effects of falling oil prices and ongoing fiscal controls.

The IMF experts are expecting the growth in non-oil imports to rise this year while praising the Kingdom's financial control measures, through the "Fiscal Off-Set Programme", it added.-TradeArabia News Service

Tags: Saudi Arabia | economy | reforms | IMF |

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