Commenting on the IMF report, Turki Fadaaq, head of research and consulting unit at Bilad Investments, said while giving an advanced position to the Kingdom, the IMF has also given good indicators for the necessity of integration of financial and economic policies so as to rectify aspects of structural defects in the economy.

He said the Saudi economy depends on one depleting and un-renewable commodity, which constituted 92 percent of its revenues in the 2011 budget. Before, the Ministry of Planning was unable to diversify the economy for 30 years, which led to fluctuation of revenues coupled with the fluctuation of oil prices.

The analyst said the process of diversification of national income needs innovative means to yield quick results in a world that is changing day by day and to realize the required targets in introducing new technologies in the local economy.

He said the Kingdom's conservative policy during the last decade enabled it to pay off most of the domestic debts, increase levels of savings, which exceeded the SR2 trillion-mark by the end of January 2012, and invest more than 70 percent of it in global financial instruments.

Director-General of Safa Financial and Economic Center Saleh Althaqfi called for creation of income sources other than the oil sector for accelerating the business growth and thus providing more employment opportunities for Saudis than where they stand at the present levels. He also called for employment of more Saudis in government (public), private and vocational sectors.

The expert urged the concerned officials to support local enterprises, which will hopefully check the outflow of funds and minimize money transfers abroad.

This will result in more money surpluses, which could be utilized in a better way instead of keeping such surpluses for facing future problems not clearly identified, he said.