Riyadh – Mubasher: The steps taken by the Saudi government as part of its economic reform scheme are considered positive, International Monetary Fund (IMF) managing director Christine Lagarde said.
The kingdom has been witnessing progress since authorities started applying the value-added tax (VAT) earlier in 2018 and enhanced women’s participation in the business segement and the economy, Lagarde added after a meeting with Crown Prince Mohammed bin Salman.
“The decision to slow the pace of fiscal adjustment as was set out in the 2018 budget is appropriate,” the IMF’s managing director noted, indicating that the IMF forecast that Saudi real gross domestic product (GDP) will rise during 2018.
In February, the Saudi cabinet of minister approved issuing a bankruptcy law, as part of the country’s economic reforms and which will contribute to diversifying the economy and attracting more investors.
“The Saudi Economy will be given a boost by its decision to allow women to drive, which will create more jobs and opportunities,” IMF director for Central Asia and the MENA Jihad Azour stated previously.
