Pakistan monsoon death toll rises to 299, including 140 children    Saudi Arabia issues new regulations for food laboratory operations    Saudi Tourism Ministry launches e-service to boost accommodation capacity in Makkah and Madinah for Hajj 1447    Four health colleges rank lowest in 2025 national licensure exam results    SABIC posts $1.41 billion loss in H1 2025 on UK plant closure, restructuring costs    OPEC+ to boost oil output by 547,000 bpd in September    Foreign direct investment nets SR1.9 billion in Saudi stock market for July    Saudi, Iraqi justice ministers sign cooperation agreement in Riyadh    Palestine Red Crescent says Israeli strike on Gaza HQ kills worker, injures three    Saudi defender Saud Abdulhamid joins RC Lens on loan from AS Roma    Riyadh Comedy Festival tickets now on sale for world's biggest stand-up event    Flash floods, landslides kill 8 in northern Vietnam, 3 missing    Canada rejects claims of ongoing arms exports to Israel    Saudi Gazette publishes full text of new foreign property ownership law The law grants non-Saudis broader real estate rights under defined conditions while imposing restrictions in Makkah and Madinah    Sotheby's returns Buddha jewels to India after uproar    Riyadh Film Music Festival returns with live orchestral performances of iconic movie scores    Nissan Formula E Team celebrates a landmark season 11 with proud Saudi sponsor Electromin    Fahad bin Nafel steps down as Al Hilal president after historic six-year run    João Félix unveiled by Al Nassr as €50m move marks bold new chapter in Riyadh    Saudi Arabia approves first Alzheimer's treatment with lecanemab for early-stage patients    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    Pakistani star's Bollywood return excites fans and riles far right    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 Welcomes KSA Efforts to Promote Medium-term Public Finance Framework Initiatives
Published in Saudi Press Agency on 29 - 08 - 2018

The International Monetary Fund (IMF) welcomed Kingdom of Saudi Arabia (KSA) efforts to promote medium-term fiscal framework initiatives, develop financial and economic risk management, increase fiscal transparency and develop fiscal and macro analysis, encouraging further development of these initiatives.
This was unfolded, in the Fund's Annual Report on the results of Article IV Consultations between IMF experts and Saudi officials, on financial and economic developments and Policies.
The IMF predicted that the Kingdom real GDP growth would rise to 1.9% in 2018, while non-oil growth would rise to 2.3%, and that growth would improve, in the medium term, as a result of reforms and higher oil output.
IMF experts expected the budget deficit to continue to fall from 9.3 percent of GDP in 2017 to 4.6 percent of GDP in 2018 and to continue falling to 1.7 percent of GDP in 2019., in the Kingdom.
"Current account balance is expected to account for a surplus of 9.3 percent of GDP in 2018 with higher oil export revenues and inflows and outflows curbs, IMF report estimated, with Saudi Arabian Monetary Agency (SAMA's) net foreign assets expected to rise this year and in the medium term," the report added.
"Credit and deposits are expected to grow with increased government spending and non-oil growth, higher bank profitability as interest margins expand, and banks have good capital and liquidity," it highlighted.
Saudi Arabia's economic and structural reforms are continuing to improve investment climate, develop small and medium-sized enterprises and financial markets, increase women's participation in the economy and develop new economic sectors and industries to increase economic growth and create opportunities, the IMF stressed.
The report noted the remarkable development of the fiscal situation and implementation of reforms, adding that the goal of achieving financial balance by 2023 is a feasible and appropriate target, and it is important to continue to implement and carry out the plans of fiscal balance program.
IMF reasserted that the momentum of reforms remains strong under the Vision of the Kingdom of 2030, and new initiatives are being implemented within the framework of the stated vision programs.
Experts of the IMF reaffirmed the importance of developing an integrated asset and liability management framework, underscoring that the Kingdom has made significant progress towards developing investment strategy for the Public Investment Fund and setting a strong and more transparent approach to public debt management.
The IMF pointed to the significant improvement in the status of the external sector and pegging of the exchange rate to the US dollar that serves the Kingdom's economy well, according to the nature and structure of the Saudi economy.


Clic here to read the story from its source.