Saudi finance minister says IMF statement affirms Kingdom’s success in achieving good results

Mohammed Al-Jadaan, Minister of Finance

Saudi Arabia’s Minister of Finance, Mohammed Al-Jadaan, said that the final statement issued by the International Monetary Fund’s (IMF) expert delegation, following the conclusion of Article 4 virtual consultations with Saudi Arabia for 2021, reaffirms the success of the Kingdom's government in achieving tangible positive results during the most challenging year for the whole world.

The minister added that despite the repercussions of the coronavirus, oil price fluctuations, severe economic volatility, declining global demand, slowing growth and other challenges, the Kingdom's government has overcome it, while continuing to implement the Vision 2030 programs, plans and objectives.

This led to enabling the Kingdom’s government to implement many economic and structural reforms, which demonstrate the integrity of the efforts of the financial system in the development of the financial sector in the Kingdom, to achieve financial sustainability that enhances and strengthens the Saudi economy despite all circumstances and challenges.

The IMF expects real GDP growth of 2.1% this year and 4.8% in 2022, while real non-oil GDP growth recovered in the second half of 2020, according to data available in Argaam.

The IMF predicted that non-oil growth would reach 3.9% in 2021 and 3.6% in 2022, compared with a 2.3% decline in 2020.