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A view reveals autos driving on a avenue in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
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DUBAI, Aug 17 (Reuters) – The Worldwide Financial Fund (IMF) on Wednesday stored its 2022 financial progress forecast for Saudi Arabia unchanged, whereas encouraging the dominion to take care of its oil revenues in a “sustainable method” because it advantages from booming costs.
The IMF mentioned in its “Nation Focus” on Saudi Arabia, revealed on its web site on Wednesday, that its financial system would develop by 7.6% this yr, unchanged from its most up-to-date forecast, and that inflation was anticipated to stay at 2.8% for the yr.
“Managing oil revenues in a sustainable method, in order that spending doesn’t rise and fall in step with the worth of oil, would promote fiscal sustainability and stop a return to earlier oil-driven cycles of growth and bust,” the IMF mentioned.
“So too would far-sighted funds planning and insurance policies to diversify the financial system,” the IMF added.
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Reporting by Alexander Cornwell;
Enhancing by Alexander Smith and David Evans
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