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The IMF welcomed Saudi Arabia's efforts on promoting medium-term fiscal framework initiatives, developing financial and economic risk management, increasing fiscal transparency and developing fiscal and macro analysis, in ways to encourage further initiatives development.
The IMF expects real GDP growth rate to rise to 1.9 percent in 2018, with non-oil GDP growth to 2.3 percent. The growth will improve over the medium term due to reforms and higher oil output.
The IMF also predicted that the deficit would continue to fall from 9.3% of GDP in 2017 to 4.6% of GDP in 2018 and further on to 1.7% of GDP in 2019.
According to the IMF, the current account balance in 2018 will account for a surplus at 9.3% of GDP as oil export revenues are increasing and curbing inflows and outflows. SAMA's net foreign assets are expected to rise all over this year and on the medium term.
Source: (Saudi Press Agency, Edited)