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2017-10-30 11:40:00

SAUDIS PROGRESS

SAUDIS PROGRESS

IMFMs. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of a visit to Riyadh, Saudi Arabia:

"It has been a great pleasure to visit Riyadh, Saudi Arabia, where I had the privilege of meeting His Royal Highness Crown Prince Mohammed bin Salman. We discussed the economic outlook and current policy developments in Saudi Arabia. I had fruitful discussions with the Minister of Finance H.E. Mohammed Aljadaan and Governor of the Saudi Monetary Authority (SAMA) H.E. Ahmed Alkholifey. I was also pleased to participate in the Future Investment Initiative conference, where I exchanged views with Saudi and global business leaders on economic policy priorities and new models for innovation. I was delighted to meet with Saudi women business leaders, researchers, lawyers and activists. We discussed the recent progress in strengthening women's rights in Saudi Arabia as well as ways to further boost female labor force participation and entrepreneurship.

"Saudi Arabia had made good progress in initiating its ambitious reform agenda. Fiscal consolidation efforts are beginning to bear fruit. Progress with reforms to improve the business environment are gaining momentum, and a framework to increase the transparency and accountability of government is in place. Effective prioritization, sequencing, and coordination of the reforms is essential, and they need to be well-communicated and equitable to gain social buy-in to ensure their success.

"Fiscal adjustment is continuing, with the government containing expenditures and raising additional revenues. A large, sustained, and well-paced fiscal adjustment is needed in the coming years to continue to respond to the effects of lower oil prices on the budget. However, given the strong fiscal buffers, the availability of financing, and the current cyclical position of the economy, fiscal adjustment should be gradual.

"Saudi Arabia is also undertaking reforms to reduce constraints to women entering the workforce. These include subsidizing transportation and childcare costs, expanding the availability of childcare facilities, encouraging greater use of teleworking, and recently, deciding to allow women to drive. Additional incentives to female employment could include supporting female entrepreneurs through dedicated programs under the small and medium enterprise (SME) initiatives, and offering temporary fiscal incentives to help businesses build or reconfigure work spaces to accommodate women in line with social norms.

"I would like to thank the authorities for their generous hospitality."

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Earlier:

SAUDIS SUPPORTS THE REDUCTION
2017, October, 27, 19:25:00

SAUDIS SUPPORTS THE REDUCTION

Oil closed at its highest in more than two years in London, nearing $60 a barrel, as Saudi Crown Prince Mohammed bin Salman backed the extension of OPEC output cuts.

 
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2017, October, 16, 11:50:00

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Saudi Arabia is considering delaying the international portion of the giant initial public offering of its state oil company until at least 2019, according to people familiar with the situation, who said a domestic share sale in Riyadh could still happen next year.

 

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2017, October, 16, 11:45:00

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But we expect a rise in the sector's NPL ratio and muted credit demand in the second half of 2017 and 2018, reflecting the slowing economy. GDP growth slowed to 1.4% in 2016 from 3.4% in 2015 and we expect it to be below 1% in 2017 and 2018.

 

 RUSSIA - SAUDIS: VAST OPPORTUNITIES
2017, October, 9, 21:45:00

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Nasser said vast opportunities for collaboration between companies from Saudi Arabia and Russia are created by both the Kingdom’s existing economic pillars and the development and diversification envisaged by Saudi Vision 2030.

 

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Saudi Arabia's state budget deficit shrank by a fifth from a year earlier in the second quarter of this year as revenues rose moderately and spending fell marginally, finance ministry figures showed on Sunday.

 

 NO ONE ENVIES THE SAUDIS
2017, May, 26, 14:10:00

NO ONE ENVIES THE SAUDIS

No one envies the Saudi Arabians now. Yes, the Brent price has rebounded from its of 2015-16 lows to stabilise over $50. At the Opec meeting in Vienna this week the delegates agreed to extend production curbs for another nine months.

 

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2017, May, 19, 12:40:00

IMF WANT SAUDIS

The recent steps to increase the transparency of fiscal policy through the publication of the Fiscal Balance Program and the First Quarter Budget Report are very welcome. This greater transparency will help private businesses and investors better plan their investment and employment decisions.

Tags: SAUDI, ARABIA, IMF

Chronicle:

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NORWAY'S KEY PRIORITY

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OIL PRICE: NEAR $73

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