18 Hrs
Source:
الاقتصادية
IMF: Saudi Reforms Strengthen Economy
The Managing Director of the International Monetary Fund, Kristalina Georgieva, confirmed that the economic and financial reforms implemented by Saudi Arabia in recent years have strengthened its safety margins to face the repercussions of the war. She praised the diversification of the economy, growth in the non-oil sector, and measures that helped enhance fiscal resilience, such as the introduction of VAT during the COVID-19 pandemic. She explained that these reforms have contributed to building financial and economic capacities that reduce dependence on oil prices, thereby helping to absorb geopolitical shocks. She also pointed out that Saudi Arabia’s economy is significant regionally and globally, and that recent developments could lead to economic repercussions for other countries as well. Despite the momentum of these reforms, she emphasized that economic growth alone is not sufficient to address the rising public debt in the United States. She called for additional measures to ensure the sustainability of US fiscal finances, which face major challenges, including the surpassing of $40 trillion in public debt and projections that the debt-to-GDP ratio will exceed 106% by 2030.
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