Saudi finance minister welcomes IMF report

Saudi minister of finance Mohammed Al-Jadaan (SPA)

Saudi ministry of finance welcomed IMF report on the situation of the national economy.

Commenting on the results of the consultations with the International Monetary Fund (IMF), the Minister of Finance Mohammed Al-Jadaan said: "We welcome the Fund's commendation of the progress achieved so far in implementing the Kingdom's Vision 2030, which it described as a bold reform program.

"I particularly welcome IMF indication to improvements in the Kingdom's fiscal framework, commitment to transparency and intensified action to remove obstacles facing the private sector growth," he said.

IMF expects non-oil growth in the Kingdom to reach 1.7% this year, compared to 0.2% last year. Growth rates will improve over the medium term, with the implementation of structural reforms.

"Although there is a lot of optimism, we are aware that there are also challenges that require intensive action to confront them, under the wise leadership committed to the comprehensive reform process, the economy and through substantive analysis.

International Monetary Fund is sure of the solid fundamentals of the Saudi economy, which enables it to continue to build a modern and vibrant economy, in which prosperity prevails.

Last Update: Wednesday, 20 May 2020 KSA 12:04 - GMT 09:04