Justice minister, DGA chief discuss partnership to boost digital judicial services    Netanyahu does not rule out further strikes on Hamas leaders    US farmers are being squeezed – and it's testing their deep loyalty to Trump    Romania condemns 'irresponsible' Moscow after Russian drone breaches its airspace    Kirk's assassination is forcing US politicians to make difficult choices about their safety    India players refused handshakes, says Pakistan coach    Final stage of Spanish Vuelta cycling race abandoned after disruption by pro-Palestine protesters    Mané fires Al Nassr past Al Kholood to keep perfect start as Ronaldo honored    Lacazette brace earns NEOM SC first Saudi Pro League win    Adolescence star Owen Cooper makes Emmys history at 15    Saudi liquidity grows 8.4%, reaching SR3.1 trillion in July 2025    Over 434,000 people acquire first aid skills during nationwide health campaign    Saudi Arabia's legislative advancement highlighted at International Conference on Judicial Training    Sudden swerving among 3 major causes of accidents in Riyadh in 2024    Princess Haifa emphasizes pivotal Saudi role in shaping future of tourism    Sahm Capital names Saudi Olympian Fayik Abdi as brand ambassador    SR9000 fine for copyright infringement using AI    King Charles and Prince Harry finally reunite after 19 months apart    Anastacia: Arnold Schwarzenegger made me sing Whatta Man 12 times    Thousands pay their last respects to Giorgio Armani, private funeral on Monday    The key to happiness    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



IMF lauds Saudi Arabia's economic prosperity and reform progress Riyadh successfully curbs inflation amidst global challenges
Published in The Saudi Gazette on 06 - 09 - 2023

RIYADH — In a highly anticipated report following the conclusion of their 2023 Article IV Consultation discussions with Saudi Arabia, the International Monetary Fund (IMF) has issued a resounding vote of confidence in the nation's economic health and reform initiatives.
The IMF's comprehensive assessment affirmed that Saudi Arabia is currently enjoying a period of robust economic growth, with a strong fiscal position and notable progress in implementing its ambitious Saudi Vision 2030 reform agenda.
Here are the key takeaways from the IMF report:
Saudi Arabia was hailed as one of the fastest-growing G20 economies in 2022, registering an impressive growth rate of 8.7%. Non-oil GDP also continued to surge at around 4.8%, while unemployment among Saudi citizens reached its historic low at just 8%.
Saudi Arabia has achieved remarkable strides in increasing female participation in the labor market, with women now constituting about 37%, exceeding the 2030 target of 30% set by Saudi Vision 2030.
The report commended the Kingdom's efforts in containing inflation, noting that a combination of domestic subsidies, price caps on select products, and the strength of the US dollar contributed to keeping the consumer price index (CPI) at a moderate 2.5% in 2022.
The IMF emphasized that Saudi Vision 2030's reforms are on track to reduce the nation's dependence on oil. Non-oil GDP growth is projected to continue its robust trajectory, with an average growth rate expected to reach 4.9% in 2023.
Saudi Arabia's fiscal policies and reforms have led to low and sustainable debt levels, providing a strong fiscal space. The IMF applauded the Kingdom's efforts to improve non-oil revenues, rationalize spending, and enhance public finance transparency.
The report stated that Saudi Arabia's fixed exchange rate policy is well-suited to the Kingdom's economy. The banking sector remains strong, with high profitability rates, capital adequacy ratios, and low non-performing loan ratios.
The IMF praised Saudi Arabia's commitment to environmental initiatives, including becoming the largest producer of clean hydrogen globally and reducing carbon emissions, positioning the Kingdom as a leader in sustainability.
Saudi Arabia's digital transformation efforts earned recognition, with high rankings in global digitization metrics. The digital progress has improved financial inclusion, the resilience of the financial sector, and government effectiveness.
In response to the IMF report, Finance Minister Mohammed Al Jadaan expressed his satisfaction with the Fund's acknowledgment of the Kingdom's economic reforms and solid fiscal position. Al Jadaan noted that the report highlighted both current achievements and promising prospects for the Saudi economy.
The IMF's assessment underscores Saudi Arabia's resilience in the face of challenges, attributing its success to economic and structural reforms that have fostered sustainable and inclusive growth.
This latest IMF report aligns with the previous statement issued by the Fund following the conclusion of the 2023 Article IV Consultations with the Kingdom's government, confirming the positive trajectory of Saudi Arabia's economic transformation.


Clic here to read the story from its source.