IMF: Saudi reforms strengthen resilience

The Managing Director of the International Monetary Fund, Kristalina Georgieva, affirmed that the economic and financial reforms implemented by Saudi Arabia over recent years have strengthened its resilience in facing the repercussions of the war, primarily through economic diversification and achieving non-oil growth. Additionally, these reforms have enhanced the solidity of public finances via measures such as the implementation of VAT during the COVID-19 pandemic. She pointed out that these reforms have provided Saudi Arabia with safety margins that enable it to absorb shocks and stressed that the Saudi economy is significant both regionally and globally. She also noted that recent developments could potentially have negative impacts on neighboring economies. Moreover, she emphasized that a combination of structural reforms and fiscal discipline has built economic resilience, and that Saudi Arabia has made progress in diversifying sources of growth and reducing reliance on oil, thereby strengthening its financial security amid current geopolitical challenges.

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