Saudi economic growth gets vote of confidence in IMF report

Mohammed bin Abdullah Al-Jadaan, the Saudi minister of finance, said that the IMF's updated forecasts for Saudi growth offer proof of the effectiveness and positive impact of economic reforms. (SPA)
Updated 13 October 2018

Saudi economic growth gets vote of confidence in IMF report

  • Saudi output is projected to increase by 2.2 percent in 2018 and 2.4 percent in 2019.

JEDDAH: The International Monetary Fund has published its latest World Economic Outlook report, which will be discussed during the IMF and World Bank annual meetings to be held in Bali, Indonesia, from October 12 to 14.

The report reveals a decrease in global growth projections and reductions in growth estimates for most developed and emerging economies during 2018 and 2019.

Saudi output, however, is projected to increase by 2.2 percent in 2018 and 2.4 percent in 2019.

Mohammed bin Abdullah Al-Jadaan, the Saudi minister of finance, said that the IMF's updated forecasts for Saudi growth offer proof of the effectiveness and positive impact of economic reforms and fiscal measures implemented by the government in accordance with the Fiscal Balance Program and Vision 2030.

He added that the public-finance strategy will reduce deficit rates, enhance sustainability, develop social-spending habits, modernize infrastructure, stimulate the private sector and develop the services sector to support economic growth and employment in the medium term.

“Although the oil-production surge has boosted the economic-growth estimates, the non-oil gross domestic product growth continues to recover in the medium term,” Al-Jadaan said. “Preliminary economic data indicate the Saudi progress.”

GDP grew by 1.4 percent in first half of 2018, compared with 0.8 percent reduction during the same period the previous year, due to a non-oil GDP recovery of 2.0 percent in 2018 compared with 0.1 percent a year earlier. The Ministry of Finance forecasts annual real GDP growth to reach 2.3 percent in 2019. The structural economic reforms are expected to boost growth in the medium and long term.”


Muslim World League chief lays foundation stone for Islamic museum in Jakarta

Updated 29 February 2020

Muslim World League chief lays foundation stone for Islamic museum in Jakarta

JAKARTA: A museum dedicated to Prophet Muhammad and the history of Islamic civilization will soon rise in the Indonesian capital.

Sheikh Dr. Mohammed bin Abdulkarim Al-Issa, secretary-general of the Muslim World League (MWL), laid the foundation stone for the Jakarta branch of the Museum of the Life of the Prophet and Islamic Civilization on Feb. 28, 2020, the Saudi Press Agency (SPA) reported.

An MWL post on Twitter said the museum will feature lush gardens in one of the most visited area in the city.

Al-Issa was quoted by SPA as saying that Jakarta would become the first branch of the Madinah international museum, hosting a variety of events, debates, training sessions, conferences, forums and seminars.

Following the groundbreaking ceremony, Al-Issa and his delegation met with the Saudi Ambassador to Indonesia, Essam bin Abed Al-Thaqafi.

The meeting was also attended by the Kingdom’s deputy envoy to the southeast Asian country, and Saudi embassy staff.