IMF’s Saudi economic review termed positive

Saudi Arabia's wise fiscal and monetary policies have contributed a great deal to the present vibrant Saudi economy, Council of Saudi Chambers (CSC) President Abdullah Al-Mobty said on Tuesday, reacting to the recent observation made by the International Monetary Fund (IMF).
On Sunday, the IMF welcomed the continued strong performance of the Saudi economy, and the systematic and stabilizing role that the country plays in the global oil market. Its executive directors also acknowledged Saudi Arabia’s role as an important source of financial assistance and remittances for many developing countries.
Saudi Arabia has been one of the best performing G20 economies in recent years, and has supported the global economy through its stabilizing role in the global oil market. It has also provided generous financial support to countries in the Middle East region.
"The reforms carried out under the guidance of Custodian of the Two Holy Mosques King Abdullah have boosted the economic growth of the Kingdom," Al-Mobty said, adding that the diversification of the economic policies from oil to nonoil sectors has also stepped up the country's financial growth.
Al-Mobty pointed out that the national economy continued to grow by 5.1 percent and the government has invested SR 27 billion to modernize infrastructure projects and special interest projects of roads and bridges over the next five years.
He said that the Kingdom's support to the countries in the Arab region on various projects are highly appreciated by the beneficiaries as well as by the other countries in the globe. "The foreign remittances made by Arab expatriate workers in the Kingdom to their respective countries have also benefited the labor exporting countries in the region," he added.
According to the IMF, the Saudi economy grew by 5.1 percent in 2012, benefiting from high oil prices and output, strong private sector growth, and government spending. Inflation has risen over the past year to 3.8 percent in May 2013, driven by higher food prices and housing costs. High oil prices and production have led to large fiscal and current account surpluses, and international reserves rose further.