Riyadh - SPA
Ministry of Finance Welcomes IMF Expert’s Statement on Fourth Article Discussions 2019

The Ministry of Finance welcomed the statement released by the
International Monetary Fund (IMF) mission that visited the Kingdom in
May 2019 to conduct the 2019 Article IV consultations. The statement
noted KSA economic reforms and the recovery in the non-oil sector, which
contributed to improving the economic outcomes in 2018. It is expected
that the growth rate of the non-oil sector will accelerate to 2.9% in
2019, as the increasing government spending and reforms implementation
will likely drive economic growth.

The statement indicated an improvement in the transparency of
government spending and public finance. The statement emphasized the
continuation of reforms aimed at strengthening the country's development
of general budgeting and a mid-term public finance framework. The
statement referred to the Expenses Management System (Etimad) which
contributed to improving and realizing expenditure efficiency and public
financial transparency.

The statement commended the advancement in financial market reforms
which culminated in getting KSA listed in the global stock and bonds
markets indices and the expansion of the government bonds yield curve
towards longer-term maturities which will contribute in developing the
financial sector and deepening the debt market of the private sector.

Mohammed Bin Abdullah Al-Jadaan, Minister of Finance, commented by
saying that the statement stresses KSA government’s strong progress in
implementing the economic and structural reforms, especially evidenced
by the positive outcomes of the Q1 Budget Report 2019. He also noted
that the IMF statement reflects the key efforts made in developing the
KSA financial sector to ensure a robust Saudi financial sector which
realizes the strategic objectives of KSA 2030 Vision.

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