IMF expects Saudi growth to accelerate on reform program

IMF expects Saudi growth to accelerate on reform program

The International Monetary Fund (IMF) said that Saudi Arabia was making good progress in implementing reforms which should spur economic expansion this year.

The IMF said that the primary challenges for the government are to sustain the implementation of reforms, achieve the fiscal targets it has set, and resist the temptation to re-expand government spending in line with higher oil prices.

An IMF team led by Tim Callen led a mission to the country earlier this month.

“Saudi Arabia is making good progress in implementing its ambitious reform program under Vision 2030,” said Callen. “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.”

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