Saudi Arabia's economic growth going well, says IMF

Remarks came from an IMF team which held 12 days of talks with Saudi officials this month.


Devdiscourse News Desk | Updated: 23-05-2018 11:57 IST | Created: 23-05-2018 11:50 IST
Saudi Arabia's economic growth going well, says IMF
The government remains committed to wide-ranging economic and social reforms to transform the economy. (Image Credit: Reuters)
  • Country:
  • Saudi Arabia

International Monetary Fund (IMF) commented on Saudi Arabia’s economic reforms as they marked it with "going well". Tim Callen, head of an IMF team urges the Saudi government not to boost spending in line with climbing oil prices.

Saudi Arabia is making good progress in implementing its ambitious reform program under Vision 2030.

"Saudi Arabia is making good progress in implementing its ambitious reform program under Vision 2030," Tim Callen, head of an IMF team which held 12 days of talks with Saudi officials this month, said in a statement late on Tuesday.

The government remains committed to wide-ranging economic and social reforms to transform the economy away from its traditional reliance on oil and to create a more dynamic private sector that creates jobs for the growing working-age population.

Growth is expected to pick-up this year and over the medium-term as reforms take hold.

The primary challenges for the government going forward are to sustain the implementation of the bold structural changes that are underway, meet the medium-term fiscal targets it has set, and resist the temptation to re-expand government spending in line with higher oil prices.

 

(With inputs from Reuters)

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