Moody's Rating Agency has raised the credit rating of the Saudi economy from "negative" to "stable", at (A1) compared to its report published last June, as a result of the financial strength that is rising due to the recovery in global demand for oil and prices, and the liberation from the repercussions of the Corona pandemic. The agency expected the Saudi economy to return to positive growth before the end of the current year 2021, with a reduction in the deficit rates in the public finances for the current year, accompanied by a decrease in the level of debt in the medium term, praising the Kingdom’s consistency in its financial policies regardless of the rise and fall in oil prices. According to Moody's, the recovery of economic performance and growth in the Kingdom is an important element in achieving the financial and economic goals for 2022, as indicators show a continuous recovery in most economic activities, with the expectation that this recovery will continue in some activities at faster rates that may exceed pre-pandemic levels. The stable outlook indicates that, in addition to the economic recovery as a result of the exit from the “Covid-19” pandemic, and the improvement in oil prices, the financial position and net external assets remain strong enough to support the credit rating.
Source (ASharq Al Awsat Newspaper, Edited)
