The Saudi Ministry of Finance revealed that the Kingdom of Saudi Arabia is developing a consolidated list of its financial position that includes assets, liabilities and items that are not now on the books of its oil-rich economy, including the huge sovereign wealth fund investments and debts.
It also indicated that the main purpose of this program is to find a fee for examining the general financial position of the government with magnetic resonance, which will include assets and liabilities that are not now on the list.
On the other hand, the Saudi Central Bank expected that the annual inflation rate will continue to rise during the first quarter of 2021, as a result of raising the tax on the mathematical effect of raising the value-added tax from 5 to 15 percent as of the second half of 2020.
Noting that, starting last July, Saudi Arabia began raising the value-added tax from 5 to 15 percent to cope with the drop in oil prices due to the Corona pandemic.
According to the report, the bank does not expect inflation to witness a significant change compared to the fourth quarter of 2020.
The annual inflation rose by 5.6 percent in the fourth quarter of last year. The World Bank's forecast for the global commodity price index points to inflationary pressures for some sectors for 2021, including the rise in energy by 7.8 percent and fertilizers by 1.5 percent.
According to the report, the International Monetary Fund's expectations for the commodity price index indicate a decrease in inflationary pressures for 2018.
Source (Anatolia Agency, Edited)
