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.



International Monetary Fund (IMF) praises Kingdom Vision 2030
Published in Saudi Press Agency on 17 - 05 - 2017

The International Monetary Fund (IMF) praised the Kingdom of Saudi Arabia's transparency in financial performance through the publication of the Financial Balance Program and the first quarter budget performance report, which supports investment and bolsters private sector confidence.
In a statement today, the Fund noted the steps taken by the Kingdom to adjust the fiscal policy in line with the decline in oil prices. It pointed out that the target of balancing the budget, however, does not need to be met in 2019 as set out in the Fiscal Balance Program (FBP) given the Kingdom of Saudi Arabia's strong financial asset position and its low debt. A more gradual fiscal consolidation to achieve budget balance a few years later would reduce the effects on growth in the near-term while still preserving fiscal buffers to help manage future risks, it said.
An International Monetary Fund (IMF) team led by Tim Callen held discussions from April 30-May 11 on the 2017 Article IV Consultation with the Kingdom of Saudi Arabia.
A report by the team said that the discussions were positive expressing thanks to the Saudi government for the hospitality, good cooperation and constructive discussions.
The statement said that based on the preliminary findings of this mission, staff will prepare a report that will be presented to the IMF's Executive Board.
The report said that a large, sustained, and well-paced fiscal adjustment is needed to achieve budget balance over the medium term and reduce obstacles to private sector growth.
The report said that female participation in the labor force has been increasing.
It added that the Kingdom of Saudi Arabia "has embarked on a bold reform program under Vision 2030. The reforms aim to diversify the economy, give a larger role to the private sector, increase the number of jobs for Saudis in the private sector, and adjust fiscal policy to ensure macroeconomic stability. The reforms are ambitious and further efforts on effective prioritization, sequencing, coordination, and communication will be needed to maximize the chances of their successful implementation."
The statement said that "energy price reforms are a key priority, but there is scope for a gradual implementation to give households and businesses more time to adjust. The household allowance is a welcome and powerful tool to support low- and middle-income households as energy prices increase."
It added that successfully implementing non-oil revenue reforms such as the excises and VAT is very important.
"Creating more jobs for Saudi nationals in the private sector is essential," it said. The statement highlighted the importance of privatization programs and the government partnership with the private sector. It added, "The exchange rate peg to the U.S. dollar continues to serve the Kingdom of Saudi Arabia well ..."
The statement said, "Banks are well regulated and supervised, and SAMA (Saudi Arabian Monetary Authority) has successfully managed emerging financial sector risks..."


Clic here to read the story from its source.